Shareholders asked to inject P28m into Pula Steel

Tuesday, June 27, 2017

Operations were stopped at Pula Steel in March

Shareholders of the troubled Pula Steel have been asked to inject P28 million into the company to restart operations as well as pay off a portion of the creditors.

Judicial manager, Vijay Kalyanaraman said creditors of Pula Steel, who are owed P100 million, yesterday gave him the green light to seek the P28 million injection from shareholders.

Pula Steel is currently owned by BCL (67%), Verma Family (22%) with the remainder held by the Citizen Entrepreneurial Development Agency (CEDA) as well as a company called Wealth Creations.

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