NAIROBI, Kenya- De La Rue Kenya has undergone a major ownership change after its majority shareholder transferred its stake to a Mauritius-based investment firm, a development that comes amid renewed political claims linking the company to the printing of election materials.
Corporate records indicate that the British banknote printing giant’s 60 percent shareholding in De La Rue Kenya has been acquired by Monarch Capital, an investment firm registered in Mauritius.
The remaining 40 percent stake continues to be held by the Government of Kenya under a long-standing joint venture arrangement.
The ownership transition marks the end of De La Rue PLC’s direct majority control of its Kenyan subsidiary, years after the company restructured its operations and focused on a joint venture model with the Kenyan government.
The change has attracted fresh attention following claims circulating in political circles that De La Rue Kenya could be involved in printing election materials ahead of the 2027 General Election.
However, no official evidence has been presented to support the allegations, and neither the Independent Electoral and Boundaries Commission (IEBC) nor the company has announced any contract for the printing of ballot papers or other election materials.
Historically, De La Rue Kenya has specialised in printing banknotes, passports, security documents and other high-security products.
The firm has produced Kenyan currency for the Central Bank of Kenya and various secure government documents but has not been publicly confirmed as a supplier of ballot papers for recent elections.
The latest ownership restructuring comes days after the Kenyan Cabinet approved the government’s acquisition of its existing 40 percent stake in De La Rue Kenya as part of efforts to strengthen local control over the country’s strategic currency printing operations.
Separately, former Safaricom CEO Michael Joseph has joined the board of De La Rue Kenya following the ownership changes, according to updates shared by individuals familiar with the company’s governance.
The company has yet to issue a public statement addressing the political claims surrounding election printing, while authorities have also not indicated that any election-related procurement involving De La Rue Kenya has been undertaken.
As preparations for the 2027 elections gradually gather pace, election procurement processes are expected to come under increased public scrutiny, particularly regarding the sourcing and printing of sensitive electoral materials.
