Sameer Africa Jumps to 2011 High on Stake Bets: Nairobi MoverEric Ombok
Sameer Africa Ltd., a Kenyan manufacturer of tires, soared to the highest level since May 2011 on bets the company’s largest shareholder will sell a stake acquired from Bridgestone Corp. to another strategic investor.
The shares surged 6.2 percent to 6 shillings by the close in the capital, Nairobi. About 82,000 securities were bought and sold, almost three times three-month average volume.
Sameer Investments Ltd. said in October it would acquire Japan-based Bridgestone’s 14.9 percent stake in the tire maker by the end of 2013, boosting its ownership to 72.14 percent.
“They were going to buy off Bridgestone, then look for another anchor investor,” Eric Musau, an analyst at Nairobi-based Standard Investment Bank Ltd., said by phone. “The shares could be rising on speculation that the business will get a new direction once a new shareholder comes in.”
A spokeswoman at Sameer Investments did not immediately respond to an e-mail seeking comment.
Sameer Africa, which produces tires for the East African market, has rallied 17 percent in the past three days, outpacing a gain of 3 percent for the FTSE-NSE Kenya 25 Share Index.