Sri Lankan conglomerate Hemas Holdings has acquired a 75% stake in Kenya's Twiga Stationers & Printers for $16.1 million, marking its first major international acquisition and a strategic step toward generating 15% of revenue from foreign operations by 2030.

Sri Lanka's diversified conglomerate Hemas Holdings has completed its inaugural significant international acquisition, purchasing a controlling stake in Kenya-based Twiga Stationers & Printers Limited. The transaction, valued at $16.1 million and executed through subsidiary Atlas Axillia Company, represents a watershed moment for the Sri Lankan firm's global expansion strategy.

Executive leadership outlined ambitious targets for international revenue growth. According to Hemas' Group CEO Ashish Chandra, the company currently generates approximately 3% of revenue from foreign operations and has recently reached around 10%, with aspirations to reach 15% by 2030. The organization plans to achieve this through its existing portfolio without rapid overexpansion, focusing specifically on East Africa and Bangladesh over the next three to five years.

The Kenyan acquisition provides Hemas with immediate access to Kenya's 54 million consumers and establishes an operational manufacturing and distribution presence in East Africa's $136 billion economy. Twiga operates established local brands including Kasuku, CrownBird, and Envoy. Executive Director Sabrina Esufally emphasized the acquisition's broader significance, stating it demonstrates what Sri Lankan businesses can accomplish in international markets. The deal creates commercial opportunities for product innovation and manufacturing efficiency between the two entities.

Hemas management indicated that the acquisition hedges against domestic macroeconomic volatility while diversifying revenue into high-growth international markets. The conglomerate also plans to expand Morrison exports and introduce new product categories in Bangladesh to increase regional revenues. The acquisition potentially opens access to approximately 330 million consumers across East Africa.