SA firm set for Pula Steel takeover

Pula steel
Pula steel

A South African firm has emerged as the bidder favoured to take over Pula Steel, ending nearly two years of legal wrangling over the country's pioneering steel plant.

The Verma family, who founded Pula Steel in 2015 and held 22% equity at its liquidation in October 2017, recently dropped their long running fight to regain control of the Selebi-Phikwe plant.

During the battle, the Vermas alleged they had been muscled out of Pula Steel by a conspiracy involving other shareholders and senior government officials. 

Editor's Comment
Micro-procurement maze demands urgent reform

Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...

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