Shareholder power play at Pula Steel

Friday, July 14, 2017

A battle is brewing over the troubled steel manufacturing plant

Pula Steel is headed for a change of ownership as it emerges that founders of the company, the Verma Family will not participate in a P28 million capital call, a development that will dilute their shareholding in the firm.

Ahead of today’s deadline for the three shareholders, Verma family, Citizen Entrepreneurial Development Agency (CEDA) and Wealth Generations, to raise the funds through equity and debt injections, Mmegi BusinessWeek has gathered that the Indian family investors will not inject more funds into the troubled steel business as they have declared the capital call process unprocedural .

This will pave way for CEDA to become the new majority shareholders in the business and inject the funds, which will be used to restart the mothballed business as well as pay a portion of the P100 million creditors’ bill.

Already have an active account? Log in here.

Or Sign up and get unlimited access to premium articles.

UB hotel bets on first time job seekers as reopening nears

correspondent | 8 h ago

Public Relations has a trust problem; And some of it is self-inflicted

Taazima Kala | 1d ago

Court rejects Mojadigo's application to postpone minor rape trial

Larona Makhaiza | 8 h ago

SELEFU

joey kambai | 12 h ago

An economy haemorrhaging jobs

Lewanika Timothy | 1d ago

Letshego calls AGM for P840m exit deal

Mbongeni Mguni | 1d ago

Tshere: Holding highest vote share, margin of victory

Ryder Gabathuse | 29 May 2026

Botswana takes industry centre stage at JCK

MBONGENI MGUNI | 2d ago

Batswana need to do better to stop FMD

It is a clear signal that the government’s purse is empty and that our own behaviour has left veterinary officials fighting with one hand tied behind their backs. We have been here before. During COVID-19, many of us thought we knew better. We ignored simple rules, we carried on as if the danger was someone else’s problem, and the virus took lives and left our economy on its knees. We are still broke from that experience. Yet now, with FMD...

The Monitor Editor | 02 June 2026

About us

Mmegi is the leading independent source of breaking news, latest news, current
affairs, Politics, Business, Sport, debates, analysis, and entertainment news in Botswana.