15 Dec 2014

There are no requirements, nor any prerequisite for an investor or director of a company in any sector or business to have experience or expertise in the area in which they wish to invest in.

This was said by the Assistant Minister of Trade and Industry, Mr Sadique Kebonang, when responding to a question in parliament from Selebi Phikwe West MP, Mr Dithapelo Keorapetse. “The required expertise and experience can be sourced from the market,” he said.

Mr Kebonang said there was only one of the four investors of Pula Steel and Castings Manufacturing, who had previous experience in steel manufacturing. 

“The investor, Vermas, is the technical partner and is, therefore, responsible for all technical matters related to the project. In addition, the chief executive officer has vast experience in steel manufacturing acquired from running a steel casting plant in Bulawayo, Zimbabwe from 2002 to 2010,” he said.

Mr Kebonang further said the investors in Pula Steel and Castings Manufacturers (Pty) Ltd were BCL with 50.5 per cent shares; the Citizen Entrepreneurial Development Agency (CEDA) through their structured Finance Division formerly Venture Capital with 26 per cent shares; the Vermas (Indian) with 17 per cent shares and a citizen owned company, Wealth Generation Holdings (Pty) Ltd with 6.5 per cent shares.

Mr Keorapetse had wanted to know if investors or directors of the Pula Steel Manufacturing Company had any previous experience in steel manufacturing or manufacturing in general. ENDS