Kenya's Competition Authority has approved Monarch Capital's proposed acquisition of a 60% stake in De La Rue Kenya EPZ. The Mauritius-based investment firm would take majority control of the security-printing business. Kenya's National Treasury will retain its existing 40% holding. The approval was published in Gazette Notice No. 15919 on 2 October.
The authorised transaction covers the stake held by Thomas De La Rue AG, a subsidiary of the UK-listed De La Rue group. De La Rue Kenya suspended banknote production at its Ruaraka facility in January 2023 after orders declined. Kenya later awarded a five-year banknote printing contract to Germany's Giesecke+Devrient in 2024.
CONTROL CHANGES HANDS
The regulatory clearance allows Monarch Capital to become the controlling shareholder while preserving the state's minority position. Business Daily Africa valued the stake at about Sh400 million, although the Gazette notice did not disclose a transaction price. The reports did not identify further conditions attached to the approval.
De La Rue Kenya has operated in the country through predecessor businesses since 1966 and established the Ruaraka plant in 1992. Its work has extended beyond banknotes to secure documents. The ownership change therefore affects a specialised printing asset even though domestic banknote production at the site remains suspended.
THE NEXT USE REMAINS UNCLEAR
The new majority owner inherits a facility with security-printing capabilities but no current Kenyan banknote contract. Public reports have not said whether Monarch Capital plans to restart currency production or concentrate on passports and other secure documents. That strategic choice will shape the asset's commercial role.
The next milestones are completion of the share transfer and disclosure of Monarch Capital's operating plan. Any restart would also depend on customer contracts and the relevant regulatory approvals. Until those steps are confirmed, the transaction changes control but does not by itself restore banknote production.