Hemas Holdings acquires 75 per cent stake in Kenyan stationery manufacturer
By Hiran H. Senewiratne One of Sri Lanka’s top conglomerates, Hemas Holdings, has made its first international acquisition by investing US $16.2 million to acquire a 75 percent stake in Kenyan stationery manufacturer, Twiga Stationers and Printers Ltd. ‘The acquisition was made through Hemas subsidiary, Atlas Axillia, and marks the group’s first overseas acquisition as […]
Hemas Holdings, one of Sri Lanka’s leading conglomerates, has made its inaugural international investment by acquiring a 75 percent share in Kenyan stationery producer, Twiga Stationers and Printers Ltd. The transaction, facilitated through Hemas subsidiary, Atlas Axillia, represents the group’s maiden overseas acquisition as it endeavors to broaden its business footprint beyond Sri Lanka, according to Sabrina Esufally, Hemas Consumer Brands Managing Director.
The revelation was made at a press conference held at Hilton Residencies, Colombo, on August 19. Esufally outlined that East Africa and Bangladesh are progressively becoming pivotal elements in the group’s international consumer strategy, with regional markets anticipated to significantly fuel the company’s future expansion.
The investment enables Hemas to establish a business platform in Kenya, a nation boasting an economy with a GDP exceeding US $136 billion and a population of more than 54 million. Sources also noted that Twiga already enjoys a robust presence in Kenya’s stationery sector, operating its own manufacturing facilities, holding trademarks, and maintaining an extensive distribution network.
The acquisition is anticipated to foster synergies with Atlas Axillia, particularly in stationery, back-to-school products, and other education-oriented consumer segments.
Hemas Group CEO, Ashish Chandra, characterized the acquisition as a crucial milestone in the company’s international expansion, emphasizing that Kenya offers access to a substantial and burgeoning consumer market, as well as opportunities to explore the broader East African region. Chandra stated that Hemas would continue investing in Sri Lanka while expanding its regional operations and venturing into overseas growth markets.
The conglomerate's initial focus lies in consolidating the Kenyan market before penetrating other African markets, where it could potentially tap into a population of over 350 million. Chandra added that Hemas intends to increase its portfolio in Bangladesh, where it plans to introduce new product categories, thereby boosting revenues in that market. Hemas' strategic focus is expected to remain on these two geographies for the next 3 to 5 years.
Written by urgent.news from The Island Sri Lanka's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
