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Sameer Africa Ltd's 14.9% Stake to be Acquired by Sameer Investments from BRIDGESTONE CORP-All Africa


Tuesday, 29 Oct 2013 08:00pm EDT 

All Africa reported that Sameer Investments has announced its intention to acquire additional shares of listed tyre manufacturer Sameer Africa Ltd by purchasing all the shares held by Bridgestone Corp. Sameer Investments is shareholder at 57.24% stake in Sameer Africa and after the acquisition of Bridgestone's 14.9% stake it will hold 72.14% 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 Africa is also involved in real estate owning two properties - Sameer Industrial Park and Sameer Export Processing zone. The Company posted a 94% rise in earnings in the 2012 full fiscal year results driven by increased tyre sales. The firm is banking on new export market and increased new vehicle sales to drive turnover going forward.