Hemas makes first overseas acquisition with $16.2m Kenya deal

Hemas Holdings PLC announced its first international acquisition by investing USD 16.2 million for a 75% majority stake in Kenyan stationery manufacturer Twiga Stationers and Printers Ltd., moving to build businesses beyond Sri Lanka.

The group stated that the move represents a significant milestone in its long-term strategy to build scalable businesses outside Sri Lanka. It positions Hemas with an operating platform in Kenya, a consumer market in East Africa featuring a GDP exceeding USD 136 billion and a population over 54 million.

Twiga established brand equity, manufacturing capability, and distribution reach within the stationery segment. The acquisition strengthens the Hemas Consumer Brands portfolio and creates synergies with Sri Lankan learning brand Atlas Axillia, particularly in back-to-school and education-linked consumer segments.

This pivotal step in the internationalisation journey provides entry into a large consumer market in Kenya while creating a platform to explore broader East African opportunities over time, according to Group CEO Ashish Chandra. He noted that Twiga's market leadership, trusted brands, and distribution strength align well with capabilities through Atlas Axillia in brand building, product innovation, and operational excellence, seeing an opportunity to scale impact across East African markets.

The acquisition marks a bold step forward in the ambition to build consumer-centric brands across growth markets, according to Hemas Consumer Brands Managing Director Sabrina Esufally. She added that with East Africa and Bangladesh forming pillars of their international consumer strategy, regional markets are expected to play a meaningful role in future growth, while Twiga's manufacturing base and distribution depth offer a platform to scale stationery and serve East African consumers across a broader portfolio.

As Hemas expands internationally, the group stated it remains committed to investing in Sri Lanka, strengthening purpose-driven brands, building regional capabilities, and creating long-term value for consumers, communities, employees, and shareholders.