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.
Uganda:Six banks bid to buy Crane Bank
Nakumatt expands regional presence with third Rwanda Branch
Restaurant Epicurien to offer European menu on the eve of New Year feast
South Africa’s Steinhoff and Shoprite to form retail giant
Dar wins 3 new cement investors
|READ MORE ARTICLES ABOUT "Business"...|