De La Rue Kenya Gets New Majority Shareholder as Business Enters New Phase

De La Rue Kenya is entering a new phase after Mauritius-based investment firm Monarch Capital acquired a 60% controlling stake in the company for about KSh400 million, replacing Thomas De La Rue AG as the majority shareholder.

The transaction, approved by the Competition Authority of Kenya, leaves the Kenyan government with a 40% stake through the National Treasury. The deal gives Monarch control of the Ruaraka-based business, which has been associated with Kenya’s security-printing industry for decades.

The change comes after a difficult period for the company. De La Rue suspended banknote production at its Kenyan facility in January 2023 after its contract with the Central Bank of Kenya ended and new orders dried up. Kenya subsequently awarded a five-year banknote-printing contract to Germany’s Giesecke+Devrient in 2024, effectively ending De La Rue’s role as the country’s currency printer.

For Monarch Capital, however, the acquisition provides more than ownership of a former banknote printer. The company gains access to an established facility, specialised security-printing capabilities and a workforce with years of industry experience.

The immediate business opportunity will be finding new revenue streams for the operation. De La Rue Kenya has experience producing secure documents beyond currency, including passports, creating potential opportunities in specialised government and security printing. It remains unclear whether Monarch intends to revive banknote production or reposition the company toward other markets.

The transition also comes with new leadership, including former Safaricom CEO Michael Joseph joining the company's board earlier this year.

For Monarch Capital, the acquisition is therefore a bet on turning an underutilised industrial asset into a commercially viable business. Its success will depend on whether the new ownership can secure new contracts, retain technical expertise and give the Ruaraka facility a sustainable role in Kenya’s specialised printing market.