John Mugo has been appointed as the new managing director for Sameer Africa effective January 1, 2023. Mugo takes over from Peter Gitonga who has been serving in an acting capacity since August 2019. Gitonga is set to leave the company on December 31, 2022. “The...

Merali made his wealth by first purchasing unprofitable companies and turning them around in his formative days as an investor. He would then exit at a profit - sometimes attracting criticism when the new buyers failed to profit from the deal. In 2015, Forbes ranked him as the third richest man in Kenya and 48th in Africa with a net worth of Ksh39.96 billion ($370 million).

Nation Media Group, which is restructuring its business amid a major drop in revenues, was among the biggest losers this past week.

Gitonga, who joined the board on August 1, 2015, has previously served in various capacities at senior management level in Sameer Africa

Naushad Merali led Sameer Africa edged up 9.44% at the close of trading on March 26 at the Nairobi Securities Exchange (NSE). By closing bell, Sameer Africa was at a share price of Ksh1.97, having previously traded at Ksh1.80. Retail chain Uchumi Supermarkets followed Sameer Africa...

The company is considering pulling out Tanzania, Uganda, Burundi as its subsidiaries in these markets continue to post losses