Nairobi, June 5 -- Real estate firm Sameer Africa has attributed the delayed completion of the sale of a 3.75-acre parcel of land, first earmarked for disposal five years ago, to financial challenges facing the buyer.

The Nairobi Securities Exchange-listed firm put the land, valued at Sh919 million, up for sale in 2022 after disclosing that it had secured a buyer. However, the company has continued to classify the transaction as ongoing in subsequent annual reports, setting multiple completion timelines that have lapsed without the deal being finalised.

Read: Sameer eyes Sh879m from land sale

The company has now set the end of this month as the completion date, marking the fourth self-imposed deadline. The firm's tyre manufacturing and...