Sameer Africa Plc is targeting the close of a Sh919 million land sale deal by the end of June 2026 as it seeks to settle debt.
The Nairobi Securities Exchange-listed firm said it expects to complete the sale of a 3.75-acre parcel of land valued at Sh919.69 million ($7.12 million) in the second quarter (April-June) of this year.
‘Assets held for sale relate to 3.75 acres of undeveloped leasehold land. The sale was initiated in 2024 and is likely to conclude in the 2nd quarter of 2026. The transaction value of the asset held for sale is $7,128,891 or equivalent Sh919,698,228 at the year-end US dollar closing rate of 129.01,’ the company said in its 2025 annual report.
The company has previously missed three self-imposed deadlines for the sale. Sameer Africa first disclosed the proposed disposal in 2022, setting a 2023 target to conclude the deal.
It planned to use proceeds from the sale to fund an infill project, retire debt and reduce exposure to foreign exchange losses.
The Sameer Infill Project is a Sh260 million industrial warehousing development located at the company’s head office along Mombasa Road in Nairobi.
The project forms part of the firm’s strategic shift from tyre manufacturing towards higher-yield commercial real estate investment.
The company has previously missed three self-imposed deadlines for the sale. Sameer Africa first disclosed the proposed disposal in 2022, setting a 2023 target to conclude the deal.
It planned to use proceeds from the sale to fund an infill project, retire debt and reduce exposure to foreign exchange losses.
The Sameer Infill Project is a Sh260 million industrial warehousing development located at the company’s head office along Mombasa Road in Nairobi.
The project forms part of the firm’s strategic shift from tyre manufacturing towards higher-yield commercial real estate investment.