Billionaire investor Naushad Merali dies at 70


Businessman Naushad Merali. FILE PHOTO | NMG

Billionaire businessman Naushad Merali has died at his home on Saturday morning at the age of 70.

A prolific investor and industrialist, Merali built a strong empire in banking, agriculture and infrastructure sectors.

An old boy of Nairobi’s Highway Secondary School, Merali often shied away from the limelight. Unknown to many, Merali made his wealth by first purchasing unprofitable companies and turning them around in his formative days as an investor.

Sameer Group #ticker:SMER, named after his son, is perhaps his most known company.

He bought the Firestone US stake in Firestone East Africa in 1985 with bank loans, rebranded the well-known tyre brand into Yana Tyres and made a fortune when the company was floated on the Nairobi Stock (now Securities) Exchange.

Source link