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Sameer Africa revives tyre business after exit

BUSINESS NEWS
By Fredrick Obura | February 8th 2021

NAIROBI, KENYA: Sameer Africa has revised the earlier decision to quit tyre manufacturing business in Kenya.

In a Monday communication, the company Board said demand for its tyre brand ‘Yana’ in the local market has necessitated the decision to reopen the tyre arm.

The Board of Directors of the Company meeting late last month approved a four-year strategic plan. The plan is anchored on both its real estate portfolio and the extensive tyre industry experience.

Under the plan, the real estate business will invest in industrial property development in greenfield projects and value addition to existing properties.

The company also confirmed the appointment of Peter Gitonga as the Managing Director with effect from January 1. He holds a Bachelor of Science Degree in Business Administration and a Masters of Science in Strategic Management.

He has previously served in various capacities at the senior management level and as a director of the company.
The company will have to deal with cheap imported tyres from China and India which have heavily eaten into its Yana brand market.

Last year Sameer Africa said it was unable to turn around the tyre business after years of shifting strategy.

“Despite the efforts of the company in introducing new product lines, increasing the retail footprint, and in the reduction of costs, the company has not been successful in returning the business to the desired profitability levels,” said the firm in a statement.

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