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Kenya

Sameer saps Bridgestone Corporation shares

NAIROBI, Kenya, Oct 30 – Sameer Investments has announced its intention to acquire additional shares of listed tyre manufacturer Sameer Africa by purchasing all the shares held by Bridgestone Corporation.

Sameer Investments is currently the largest shareholder at 57.24 percent stake in Sameer Africa and after the acquisition of Bridgestone’s 15 percent stake it will hold 72.14 percent of the tyre manufacturer.

Sameer Investment will pay a price of approximately Sh5 for the 41.5 million shares held by Bridgestone.

Sameer Africa deals in the Yana and Bridgestone brands with subsidiaries in Tanzania and Uganda and exports to Malawi, South Sudan, DR Congo, Zambia, Ethiopia, Sudan, Zimbabwe and Somalia.

Sameer is also involved in real estate owning two properties – Sameer Industrial Park and Sameer Export Processing zone.

The company posted a 94 percent rise in earnings in the 2012 full year results driven by increased tyre sales.

The firm however continues to face stiff competition from an influx of cheap lower quality imports which account for 45 percent of the market.

The firm is banking on new export market and increased new vehicle sales to drive turnover going forward.

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