Very passionate
A decision, however, that had to be made despite dedicating a huge part of their lives and billions of shillings into growing the business.
“Merali was very passionate about it … all of us were,” he told
Financial Standard in an exclusive interview.
Subscribe to Our Newsletter
“We came here very young, got married and raised families.”
Merali entered the tyre business in the late 1980s after acquiring Firestone, which was incorporated in Kenya in 1969.
To observers, the closure of the tyre business added to the growing heap of failed ventures by one of Kenya’s shrewdest deal makers.
“The board’s decision to return to the tyre business reverses the earlier communicated decision made on April 20, 2020, to exit from the tyre business,” said the firm.
“This change has been justified by the sustained demand for the Yana brand and the success of the company’s turnaround efforts in 2020.”
The decision followed a meeting on January 22 where the board gave nod to a four-year strategic plan that lays out the firm’s renewed growth.
Subscribe to Our Newsletter
Subscribe to our newsletter and stay updated on the latest developments and special offers!
“Under the plan, the real estate business will invest in industrial property development in both greenfield projects and value addition to existing properties. While the tyre businesses will be aligned to the changing customer needs, the evolving tyre distribution ecosystem and costs re-alignment.”
Sameer makes U-turn on tyre business after shutting it down
Monday February 08 2021
A worker at Sameer Africa. Sameer has returned to the tyre business after exiting it in May 2020. FILE PHOTO | NMG
By HELLEN GITHAIGA
Sameer Africa #ticker:SMER has returned to tyre distribution after shutting down the division in May last year to tame a loss-making streak amid efforts to cut costs, including outsourcing production to Asia.
At the time, the Nairobi Securities Exchange-listed firm told its shareholders that it would focus on its real estate business, which it projected would return it to profitability.
But in a turnaround bid, the company says it sees both the property and tyre businesses paying off under its four-year (2021-2024) strategic plan.
FARMKENYA INITIATIVE
Crop
By Edwin Nyarangi | December 20th 2020 at 09:00:00 GMT +0300
Jeremiah Mbaka inspects his Hass avocado variety at his Magenche farm Kisii County. [Sammy Omingo, Standard]
Jeremiah Mbaka obtained a diploma in automotive engineering from Rongo University in 2007 and went to South Sudan for two years doing various jobs.
Mbaka, 40, returned home in 2010 and was employed as a sales representative with Sameer Africa in Nairobi for five years.
During his tenure at Sameer, he marvelled at the high tonnage of avocados being exported out of the country through the Jomo Kenyatta International Airport.
In 2016, he resigned and went back to his Bomoseri village home in Magenche area in Bomachoge Borabu, Kisii County to venture into Hass avocado farming.
The Asian contribution: Why muhindis don t omba serikali sde.co.ke - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sde.co.ke Daily Mail and Mail on Sunday newspapers.