Merali’s Sameer: Bursting Like It’s Tyres
I just came across this site, which I had never heard of before called breakingnewskenya.com. The site had an interesting article, which was posted last year on the sheenanigans at Merali’s company and why it’s short-term MD, Eric Kimani was fired.
Anyway, they were some revealing comments posted on the site and I want to highlight one in particular posted by someone identifying themselves as “Akif”:
“I have worked @ Sameer. I will not reveal my name. I was in the finance department. To clarify to all of you, Sameer Africa has never had a finance director.
It’s finance team is headed by a controller and it has been so for about as long as I can remember. I can tell all you people that Merali made paper sale in the last 2 financial years. Maybe some of you should know openly that Merali is also a thief just like Eric Kimani. Thieves breed thieves. Merali made paper sales during the tenure of the idiot Indian MD and also so during the tenure of kimani to maintain share prices.
I have seen with my own eyes journals passed crediting sales and debiting fictitious debtors to boost sales revenues because Merali cannot simply compete with tyres from other countries.
Merali made his money during the Moi and Kenyatta regime supplying government departments and now he cannot compete. I suggest he sell off Sameer and concentrate on activities where he can try to make some clean money cos his filth has finally caught up with him”.
Then someone else identifying themselves as “Mapondi” left the following comment:
“I actually believed his drivel during the last AGM and bought more shares. At Ksh 25 bob!!!!”
Aw…Mapondi. I’ve been warning about the drivel at AGM meetings here endlessly. Anyway, you can read the full post on Sameer by going to the site itself, but um…it’s quite interesting…..
Don’t believe everything you read on blogs. Its naive. Sometimes disgranted x-employees can post anything under anonymity of the web.
As is… I keep clear of merali firms…
coldtusker: As is… I keep clear of merali firms…
Why?
Performance… or lack of it… of his firms.
Sameer Africa (then Firestone) went public at 35.50 (I read every word in the prospectus & balked at the offer)… 10+ years later the share trades @ 5/-.
Eveready went public @ 9.50 in 2007… now it is 5/-
Sasini was (using post-split shares) 10/- in the late 1990s. Now it is 7/- or so. Net destruction of value/wealth.
coldtusker: I read every word in the prospectus & balked at the offer)
haven’t I not warned you about those financial mistatements? (sorry, I meant statements).
Follow the price, not the CEO’s statements.
Those CEO’s don’t give a damn about you. They are looking out for themselves and you should do the same with your money. Buying stocks is not a love affair. It’s really a form of glorified prostitution: You use each other for your own needs and you transact your business using cash as your medium, but you never develop any emotional bonds with or to each other.
Merali in this case is the John and you were the hooker. You should never have fallen in love with him. You should have taken your money and kept it only as long as the price was rising. As soon as the price began to fall you should have started looking for a new John who was offering a better price.
mr and mrs merali have a heart to help people. may they live long. may their work be blessd.