The Competition Authority of Kenya (CAK) has approved the acquisition of De La Rue Kenya, a company historically responsible for printing Kenya's currency, by Mauritius-based Monarch Capital Limited. According to a gazette notice on October 3, 2026, CAK Director General David Kimeli confirmed that Monarch Capital had been authorised to acquire a 60% stake in the company. This development marks a significant change in the ownership structure of De La Rue Kenya.
The Kenyan government will retain a 40% stake in De La Rue Kenya through the National Treasury, preserving state involvement in the business. This move comes after the company halted banknote printing in January 2023, citing a prolonged absence of new orders from the government due to reduced market demand. The situation worsened in 2024 when the Central Bank of Kenya awarded a five-year currency printing contract to Germany's Giesecke+Devrient.
De La Rue Kenya's association with Kenya's banknote production dates back to 1966, when its predecessor entities began printing the country's currency. The company established a dedicated banknote printing facility in Ruaraka, Nairobi, in October 1992, which served as the primary production site for Kenyan currency notes for over three decades. The facility produced multiple generations of banknotes, including the 2019 series introduced following the promulgation of the 2010 Constitution.
In 2017, the government acquired a 40% stake in De La Rue Kenya, forming a joint venture with the British security printing firm. However, the company's role in producing Kenyan banknotes was effectively ended when the Central Bank of Kenya awarded the currency printing contract to Giesecke+Devrient. The Ruaraka facility, once the heartbeat of Kenya's currency manufacturing, has since remained idle.
The acquisition by Monarch Capital Limited is expected to bring new investment and operational changes to De La Rue Kenya. The company's future plans and strategies are yet to be announced, but the change in ownership is seen as a significant development in the country's financial sector. The National Treasury's retention of a 40% stake ensures that the Kenyan government maintains some level of control over the company.
The Competition Authority of Kenya's approval of the acquisition is a significant milestone in the deal. According to the CAK, the transaction was authorised under Section 46 (6) (a) (ii) of the Competition Act. The authority's role in regulating mergers and acquisitions is crucial in ensuring that such deals do not harm competition or negatively impact the economy.
The change in ownership of De La Rue Kenya is a significant development in the country's financial sector. The company's history in currency printing and its future prospects will be closely watched by stakeholders, including the government, investors, and the general public. Key points to note include the acquisition by Monarch Capital Limited, the retention of a 40% stake by the Kenyan government, and the company's future plans and strategies.
Key points
- The Competition Authority of Kenya approves acquisition of De La Rue Kenya by Monarch Capital Limited
- The Kenyan government retains a 40% stake in De La Rue Kenya through the National Treasury
- De La Rue Kenya's future plans and strategies are yet to be announced following the change in ownership
