Milling giant under rescue

After more than 100 years of existence local milling giant Progress Milling, a sizeable contributor to the local economy and job creator in the province, is under rescue.
A director of Progress Milling, Masenya Masenya, confirmed the company had submitted to business rescue. He added that a team of business rescue practitioners was expected in Polokwane today (Thursday), whereupon a statement could be released.
The measures exclude the company’s affiliate business concerns, it was learnt. The company is still functioning and trading.
Masenya conceded that the price of maize and drought conditions adversely affecting Limpopo had a role to play in Progress Milling having declared a state of rescue.

Story: YOLANDE NEL
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