De La Rue plc has announced that it has signed an agreement with the Kenyan Government to begin its joint venture on its currency and printing site in Nairobi.
Under the agreement, the National Treasury of Kenya (the “Treasury”) will take 40% stake in De La Rue’s wholly owned subsidiary, De La Rue Kenya EPZ Limited.
However, De La Rue will continue to operate and manage the business day to day and will appoint three of the five directors of the joint venture’s Board.
The Treasury has nominated Mr Samuel Kairu Njonde as the first Chair of the Board and the Cabinet Secretary for the Treasury will be one of the five directors.
“De La Rue is delighted to have extended our longstanding relationship with the Government of Kenya into an ever closer partnership. The joint venture fits with our strategy of expanding into key growth markets through long-term partnerships and local investment. We are also encouraged about the growth potential and feel that the facility and the joint venture have an exciting future,” Martin Sutherland, Chief Executive Officer of De La Rue, said.
