Sameer Africa Reports Losses
Sameer Africa recently announced that it had accrued 22 million Kenyan shillings (£164,000) of losses after sales were hit by a sudden influx low price imported tyres. Speaking during the company’s Annual General Meeting (AGM) at the firm’s Mombasa Road Plant, Sameer Africa Board Chairman Naushad Merali said the sales nosedive of locally manufactured tyres followed the reduction of imported tyre tariffs from 35 to 10 per cent. Merali however noted that the fact Bridgestone has not withdrawn its 14.5 per cent share-holding in the company was a sign of Bridgestone’s confidence in Sameer Africa’s potential.
According to local news sources, Sameer has made “strategic alliances” with other international tyre manufacturers to increase its product offering in the regional market. The Kenya times reported that this includes off-take agreements with brands such as Bridgestone, Dunlop South Africa and Hankook.