Hemas Holdings PLC has acquired a 75% stake in Twiga Stationers & Printers Limited, one of Kenya’s largest stationery manufacturers, for $16.2 million — the Sri Lankan conglomerate’s first international acquisition.
The purchase was made through Hemas subsidiary Atlas Axillia Company and disclosed in a filing to the Colombo Stock Exchange, EconomyNext reported.
Twiga owns the stationery and learning brands “Kasuku”, “CrownBird” and “Envoy”, and exports across the region. The company has built manufacturing capacity and distribution reach in Kenya’s stationery segment.
A platform in East Africa
Hemas said the deal gives it an operating base in Kenya, which it described as one of East Africa’s most dynamic consumer markets, with a GDP of more than $136 billion and a population of over 54 million.
The acquisition “strengthens Hemas’ Consumer Brands portfolio and creates meaningful synergies with Atlas Axillia, Sri Lanka’s leading learning brand, particularly in the back-to-school and education-linked consumer segments,” the company said.
Group Chief Executive Ashish Chandra called the transaction “a pivotal step in Hemas’ internationalisation journey.”
“Our entry into Kenya gives us access to a large, young and growing consumer market, while also creating a platform to explore the broader East African opportunity over time,” he said. “Twiga’s market leadership, trusted brands and distribution strength align well with our proven capabilities through Atlas Axillia in brand building, product innovation and operational excellence.”
Sabrina Esufally, Managing Director of Hemas Consumer Brands, said the purchase was “a bold step forward in our ambition to build consumer-centric brands across growth markets.”
“With East Africa and Bangladesh now forming important pillars of our international consumer strategy, we expect regional markets to play an increasingly meaningful role in the future growth of Hemas Consumer Brands,” she said.
Market reaction
Hemas shares closed flat at Rs. 31.40 on the day of the announcement, EconomyNext reported.
The Colombo Gazette report, which carried the company’s announcement, did not state the transaction value or the size of the stake, describing it only as a majority holding.
