Merali announces acquisition of Bridgestone shares in Sameer Africa
Businessman Naushad Merali (left) with Bharti Airtel CEO, international operations and joint managing director Manoj Kholi at a past function. Sameer Investments Limited, a company associated with billionaire Naushad Merali has announced plans to acquire all the shares owned by Bridgestone Corporation in tyre maker Sameer Africa. Photo/FILE
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Sameer Investments Limited, a company associated with billionaire Naushad Merali has announced plans to acquire all the shares owned by Bridgestone Corporation in tyre maker Sameer Africa.
Sameer Investments, the majority shareholder of tyre maker Sameer Africa on Wednesday said that it intends to acquire the 41.48 million shares owned by Bridgestone Corporation which represents a 14.9 per cent stake in the tyre maker.
Sameer Investments Limited, a company associated with billionaire Naushad Merali has announced plans to acquire all the shares owned by Bridgestone Corporation in tyre maker Sameer Africa.
Sameer Investments, the majority shareholder of tyre maker Sameer Africa on Wednesday said that it intends to acquire the 41.48 million shares owned by Bridgestone Corporation which represents a 14.9 per cent stake in the tyre maker.
Sameer Africa, which holds distribution rights of the Bridgestone brand of tyres in Kenya is 57.24 per cent owned by Sameer Investments.
“Sameer Africa was on October 29, served by Sameer Investments with a notice of intention confirming Sameer Investments intention to, subject to regulatory approvals and exemptions, acquire all shares held by Bridgestone in the capital of Sameer Africa outside of the Nairobi Securities Exchange as a private transaction,” said Sameer Africa in a statement.
The announcement comes after Sameer Africa reported that production difficulties at Bridgestone and challenges with supply pipeline management adversely impacted the sale of Bridgestone branded tyres in 2012.
In its latest annual report for the period ended December 2012, Sameer Africa said that Bridgestone orders were filled at an average rate of only 66 per cent and as a result, sales volumes of Bridgestone decreased by 3 per cent as against 2011.
Once the proposed transaction is completed, Sameer Investments will have direct control of 200.81 million ordinary shares of Sameer Africa comprising of 72.14 per cent of the tyre maker.
Sameer Investments is 25.22 per cent owned by Naushad Merali, 50.39 per cent owned by Yana Developers, 19.39 per cent owned by Yana Towers and 5 per cent owned by Grange Limited.
Its other subsidiaries include Sameer ICT, Sameer Management, Sameer Investments (Uganda), Sameer Europe, Yansam Motors (Tanzania), Sameer Telkom, Sameer Agriculture and Livestock, Yana Trading, Sameer Investments (Rwanda) and Sameer Investments (Uganda).
