SIVUNO MILLING UP FOR AUCTION FOR E2 MILLION

MBABANE – Good news are in the wind for businesses that have an interest to venture into maize milling as Sivuno Milling is up for sale. 

  The commercial property located at Sidvokodvo, Manzini has once again been put for sale pursuant to a writ of execution in the matter between Sivuno Milling, Peter Michael Hein, Peter Melville Thompson and Nedbank Swaziland.
The reserve price has been fixed at E2 025 000. The property that goes under the hammer at the Regional Administrator’s Offices next Friday comprises of three offices, warehouse, a storeroom and a covered verandah, has staff quarters (six rooms), ablution block (shower room and toilet) and a guard house. The property, whose conditions of sale are available for viewing at the office of the Sheriff at the High Court, sits on an area measuring 2, 9937 hectares.
Sivuno Milling (Pty) Ltd was established in 2013, after it was bought from its prior operators - Nkonyeni Milling. The milling operation is a relatively an old business which was established in 1994 with equipment sourced from South Africa.  It produced Ingwe Maize products.

Auction

Other products in Sivuno Milling’s range were Ingwe Maize Rice, Ingwe Samp, Ingwe Braai Pap and Hominy Chop. Prior to the upcoming auction, which was previously cancelled, the company’s management had contended that they were making all efforts to save the property from being sold. In a letter dated January 26, 2017 they wrote to Nedbank that the company was selling 600 shares to the public in a bid to raise E6 million which the company intends spending in purchasing stock, milling and structural improvements and servicing a mortgage with Nedbank. It had earlier been mentioned in reports by the Business Desk that the company hoped to attract at most 40 individuals or groups of people to buy a minimum of 15 shares per each individual or group, in order to raise the aforesaid amount which could be used to advance the operations of the business further.

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