Shareholders asked to inject P28m into Pula Steel

Operations were stopped at Pula Steel in March
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.

Editor's Comment
The Boko-led administration has to tread carefully

‘When you make peace withyourself, you make peace with the world’- Maha GhosanandaThis may come at a huge cost if not handled properly. What started off on Labour Day in Letlhakane this year, where Boko was in attendance when the militant lawyer-cum-trade unionist, Robert Rabasimane rebutted the President’s address in defence of the trade union has seemingly spiralled out of control. The issue is now creating a cat-and-mouse type of a...

Have a Story? Send Us a tip
arrow up