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CoA greenlights P18m Pula Steel sale

Friday, March 07, 2025 | 830 Views |

Alive again: Operations have reportly restarted
at Pula Steel, following its
closure in 2017

The Court of Appeal (CoA) has given the go-ahead for the P18.3 million sale of Pula Steel to Sherashiya Pty Ltd, finding that the losing bidder who challenged the deal “just did not have the money,” Mmegi has established.

Last October, VRI Metals won a High Court ruling overturning the sale to Sherashiya, with Justice Zein Kebonang upholding arguments that the deal had improperly favoured the winning bidder.

VRI won a previous bidding round in 2022 for Pula Steel, but failed to settle the P16 million price tag, leading to another bidding process in 2023 won by Sherashiya. Both VRI and Sherashiya are Indian origin firms that specialise in steel manufacturing, with VRI being a subsidiary of Vision Ridge, which also owns the Ikongwe iron ore mine near Shoshong.

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