Sameer Africa Closes Branches in Kenya

Sameer Africa Tyre distributor previously known as Firestone has scaled down its operations in the country and the region following a decision to close down was reached by the board of director on 4^th December last year due to tough economic times experienced.

According to press release notice published to the local dailies on Saturday, “the company which started its operations in 1969 as Firestone East Africa, the move of scaling operations in Kenya and region has been approved by Capital Markets Authority.”

The statement read, “This has been necessitated by the need to protect the shareholders’ interests, minimize costs and ensure that the business performance turns around.”

The company offered advice to its investors and the public at large to be careful and exercise caution while trading with the securities stock exchange of the company to prevent liquidation of their shares at low amounts.

On the close of business hours on Friday, the company’s stocks were trading at Sh2.58 and approximately 7,800 shares traded off at Nairobi Securities Exchange.