SPINTEX SOLD FOR E27.5 MILLION

 MBABANE – Eswatini’s largest core yarn (spinning and doubling) mill has been auctioned for E27.5 million.

The sale was conducted  by Swazi Auctioneers Principal Auctioneer Sakhile Ndzimandze yesterday subject from a reserve price of E25 million at the Matsapha Industrial Sites at the Spintex premises, plot 516.

There were eight buyers who were interested in buying the factory which led to an increase in bids up to the final price of E27.5 million. It should be mentioned that the auction, which eventually led to the fall of the hammer at E27.5 million was mainly between two buyers.

When the buyer who preferred anonymity was asked what he would do with the factory, he mentioned that he would resuscitate it to the do the same business which had been blossoming even in the past to the extent that it became of the best rated producers of yarn in the world.

“We promise to re-open the factory after logistics have been finalised and employ emaSwati,” briefly said the ecstatic new owner of Spintex.
Ndzimandze said he was impressed at the auction results and the prospects that it brings especially in relation to the creation of employment opportunities, which will ultimately lead to an improvement in the local economy.

“I am happy with the results and wish the buyer a prosperous future as he intends to reopen the factory,” said Ndzimandze. 
The sale is as a result of a liquidation order that was issued by the High Court of Eswatini.

Appointed

The High Court appointed long serving auditor Paul Mulindwa and Senior Attorney RJS Perry as joint liquidators of the company.
Liquidation is the process by which a company is brought to an end, and the assets and property of the company get redistributed.

The assets of the company were sold on as one lot (movable and immovable assets. Conditions of sale, inventory and viewing were made available on request.
Ndzimandze had earlier said the main wish of the team involved in the liquidation, being the joint liquidators, the office of the Master, the creditor’s and the auctioneers, was to have the factory being resuscitated such that emaSwati regain employment.

Ndzimandze said in his view, this was a viable investment. However, he advised that one would need to have to get people with the know-how of the industry to bring the operation back to its former glory.

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