In a public announcement issued on Monday, the company says the decision to make the U-turn has been occasioned by sustained demand for its principal brand of tyres- Yana.
On April 20 last year, Sameer Africa announced its exit from the tyre business sighting continued challenges in the trade in a move that cut out 73 jobs from the firm.
Further to the U-turn announcement, Sameer has confirmed Peter Gitonga as its new Managing Director having previously served on the role in acting capacity.
Sameer Africa has made a return to its original tyre distribution business barely one year on since ditching the trade last year.
In a public announcement issued on Monday, the company says the decision to make the U-turn has been occasioned by sustained demand for its principal brand of tyres- Yana.
“The board decision to return to the tyre business reverses the earlier communicated decision. 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 company stated.
On April 20 last year, Sameer Africa announced its exit from the tyre business sighting continued challenges in the trade in a move that cut out 73 jobs from the firm.
Subsequently, the firm turned into real estate prioritizing on industrial property rentals.
The firm is now expected to take a duo-pronged strategy by keeping the pair of businesses running.
“Under the plan, the real estate business will invest in industrial property development in both green field projects and value addition to existing properties while the tyre business will be aligned to the changing customer needs, the evolving tyre distribution eco-system and cost re-alignment. Both businesses are expected to be profitable during the period,” the company added.
Sameer’s current property holdings include the Sameer Industrial & Business Park along Mombasa Road off Nairobi’s industrial area.Further to the U-turn announcement, Sameer has confirmed Peter Gitonga as its new Managing Director having previously served on the role in acting capacity.Video Of The Day: Dethroned Kang’ata reveals his colleague Senator Murkomen warned him before taking up the Majority Chief Whip post