The Competition Authority of Kenya (CAK) has approved the proposed acquisition of a 60 percent shareholding in De La Rue Kenya EPZ Limited by Mauritius-based investment firm Monarch Capital Limited.
The approval was confirmed in Gazette Notice No. 15919 published on Saturday, October 3, 2026, under the Competition Act.
CAK Director-General David Kemei stated that the competition watchdog authorized the transaction after exercising powers granted to it under Section 46(6)(a)(ii) of the Competition Act, Cap 504.
“Pursuant to the provisions of Section 46(6) of the Competition Act Cap 504 of the Laws of Kenya (the Competition Act), it is notified for general information, that in exercise of the powers conferred upon the Competition Authority of Kenya by Section 46 (6) (a) (ii) of the Competition Act, the Competition Authority of Kenya has authorized the proposed transaction as set out herein.”
Monarch Capital to Acquire 60% Stake in De La Rue
The transaction will give Monarch Capital a majority shareholding in De La Rue Kenya EPZ Limited, the company associated with the British security printing giant’s former currency printing operations in Kenya.
The 60 percent stake was previously held by Thomas De La Rue AG, while the Kenyan government retains a 40 percent shareholding in the company.
The ownership change had already been reflected in company records before the latest regulatory approval.
Filings showed that Thomas De La Rue AG transferred its entire 60 percent holding to Monarch Capital, a Mauritius-registered investment company.
The development marks a change in ownership of the Ruaraka-based company, which has historically been involved in the production of banknotes and other security documents in Kenya.
Also Read: Former Safaricom CEO Michael Joseph Lands Role at Giant Money Printer De La Rue
De La Rue’s Kenya Operations
De La Rue has had a presence in Kenya for decades, with its modern printing facility in Ruaraka established in the early 1990s.
The Kenyan government acquired a 40 percent stake in De La Rue Kenya EPZ Limited, leaving the company as a joint venture in which the government held a minority interest.
The currency printing unit was separate from De La Rue Kenya Limited, which was sold to HID Corporation in an earlier transaction.
De La Rue later stopped banknote production at its Nairobi facility after losing the Central Bank of Kenya contract, with the company freezing its local note-printing operations in 2023.
Also Read: De La Rue: How the Global Banknote Printer Started, Its Ownership and Operations
Michael Joseph Joins Company Board in Leadership Shake -Up
The latest announcement follows changes to the board of De La Rue Kenya EPZ Limited in July this year.
Former Safaricom chief executive Michael Joseph joined the board alongside Wilken Group Executive Director Andrew Pkemoi Lopokoiyot and Ugandan businessman Humphrey Arnold Munyamerere Nzeyi, the founder of Invicta Africa Limited.
Nzeyi’s company has provided technical services for Ugandan passport production on behalf of De La Rue since September 2015.
Advocate Isaac Mukui Nduru, a director of Galana Energies, joined the company as secretary, while Michael James Aumann, the chief financial officer of the vendor group, retained his position on the board.
The Cabinet Secretary for the National Treasury will continue to represent the Kenyan government, which retains a 40 percent stake in the company.
About Monarch Capital
Monarch Capital describes itself as an international investment firm that deploys private capital across four main areas: retail, real estate, food and food service, and automotive and sustainable mobility solutions.
The group says it takes a long-term approach to its investments, working with businesses to expand their operations and strengthen their positions in their respective markets.
Its retail portfolio spans more than 2,000 outlets across 15 countries, with annual sales of more than €10 billion.
Monarch Capital also invests in retail properties and shopping centres, with its property arm holding about €2.9 billion in real estate across several markets in Europe, Asia, Mexico and Latin America.
The group also invests in sustainable mobility, transportation, environmental services, and recycling businesses, which it says focus on developing healthier, safer, and more sustainable cities.
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