The majority shareholder in Sameer Africa, Sameer Investments Limited, that owns a 57.2% stake in the company (159.3m shares) has issued Sameer Africa with its intention to acquire an additional 41.5m shares equivalent to a 14.9% stake through a private transaction with Bridgestone Corporation which currently owns the shares. The consideration for the additional shares will be cash, at a share price equivalent to a 90-day volume-weighted average price of Sameer Africa’s shares. Sameer Investments does not intend to make a take-over offer for Sameer Africa as is required by parties acquiring or increasing their controlling interest in a listed company, and has applied to the Capital Markets Authority (CMA) for an exemption from this regulation. Sameer Investments and Bridgestone Corporation have entered into a conditional Share Sale Agreement whereby completion of the acquisition will depend on CMA approval of the transaction, the grant of exemption from making a take-over offer, the proposed acquisition being approved by the board of directors of Sameer Investments and that no material or adverse action is taken to challenge the proposed transaction. Sameer Africa has issued a cautionary statement advising shareholders and the public to exercise caution when dealing with its shares. (Source; Company, Kestrel Research)