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South African government considers VR Laser buyout

18 September 2018

South Africa’s Public Investments Corporation (PIC) is considering taking part in a buyout of troubled steel supplier VR Laser.

Deon Botha, head of corporate affairs at PIC, told Jane’s on 17 September that the PIC had received a proposal to participate in a buyout of VR Laser.

“The proposal is being subjected to an internal investment process, after which a decision will be made,” Botha said.

South African media has reported that the proposed PIC buyout would consist of a consortium of buyers, including private equity funds.

VR Laser, owned by the Gupta family, has been at the centre of allegations of causing a “state of capture” with South Africa’s state-owned defence enterprise Denel.

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