Listed tyre maker Sameer Africa will cut jobs after a decision to shut down Nairobi factory was reached infavour of tyre imports.
The company has also issued a profit warning due to expected impairment and employee severance costs. The struggling manufacturer had reduced its local production due to high competition from cheap arrivals and joined the importers.
"Regrettably, cessation of factory operations will result in a number of employees being declared redundant," the company noted in a statement to the Nairobi Securities Exchange.
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