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
Gov't must guard against cadre deployment

As the Botswana National Front (BNF) discusses a policy to place suitably qualified members in strategic positions, the guiding consideration should remain whether an individual is the best person to serve the country. There is nothing wrong with qualified party members applying for public positions. Political affiliation should neither disqualify a capable candidate nor give them an advantage over others. Every Motswana deserves a fair...

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