Sameer Afria Plc has announced its return to the tyre business. In a notice issued by the company, the Nairobi Securities Exchange-listed firm said following a meeting held on the 22nd of January, the board of directors approved a four year strategic plan for the financial year 2021 to 2024. The plan is set on a well defined growth strategy that is set to improve the company’s real estate portfolio as well as extensive tyre industry experience.
The announcement comes as a reversal of a previous announcement made by the company to leave the tyre business which saw it sack 73 employees. The company announced the closure of the tyre business attributing it to the containment measures brought about by COVID-19 which largely affected the transport sector. The closure of tyre business which accounts for 90% of the company’s revenue brought about a lot of criticism from a section of shareholders as the news had not been disclosed to the investing public.
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