Sameer Africa Ltd. is looking for investors. Naushad Merali said that he will, in the next three months, sell off more than 14.9% of his stake in Sameer Africa as part of a strategic shift to consolidate his manufacturing business and move away from telecoms. Merali said that he is in negotiations with three prospective South-East Asian investors to take up the stake previously held by Bridgestone until 2013, when both parties terminated an agreement to supply Sameer with technical expertise in its tyre manufacturing and distribution division. Merali said, "We are talking to about three different manufacturing companies and very soon, in fact within the next three months, we will select one of them and make the announcement.

The three firms are all from Southeast Asia and they will be working to improve technology and processes in the company, especially in the tyre business. We will give them equity in the tyre company but the amount is subject to ongoing talks." Sameer started looking for another technical partner after Bridgestone announced the withdrawal of its franchise in April 2013. The new partner, who could be in place by September 2014, will be expected to help re-train Sameer employees and introduce more efficient technology in the tyre business.

Allan Walmsley, Chief Executive Officer of Sameer Africa, told the Business Daily that the incoming strategic investor will be offered a larger stake than the one previously held by Bridgestone. Walmsley said, "The new partners will get a stake that is worth their while. We are not talking along the same lines as Bridgestone, which had 14.9%.

The new partners will be looking for a bit more than that, something fairly substantial."