13 Feb 2020

Minister of Investment, Trade and Industry Ms Peggy Serame on Wednesday briefed Parliament on Pula Steel liquidation and prospects for reopening.

Ms Serame indicated that the company that had paid the required deposit of P300 000 for bidding was unable to pay the balance that was set for end of January.

Therefore, she said the sale could not proceed.

Minister Serame stated that the liquidator had since engaged auctioneers to assist in the disposal of the plant and equipment, following failure to sell the plant.

Ms Serame said the Liquidator had only been able to sell the movable assets of the business and the proceeds were used to meet the expenses of the liquidation.

She further indicated that the liquidator had approached the Master of the High Court to once more request for permission to sell the plant and was still awaiting response.

She said the liquidator had indicated that if that attempt failed, the promoters might be forced to strip and sell the plant in components. ENDS