Sri Lankan conglomerate Hemas Holdings has completed its first overseas acquisition, purchasing a 75% stake in Kenyan stationery manufacturer Twiga Stationers and Printers Ltd for $16.2 million.

Hemas Holdings PLC, a major Sri Lankan business group, has taken a significant step into international expansion by acquiring a controlling stake in a Kenyan stationery company. The $16.2 million investment in Twiga Stationers and Printers Ltd was executed through Hemas subsidiary Atlas Axillia, marking the group's inaugural overseas acquisition and signalling its ambitions beyond domestic markets.

The target company brings established operations to the deal, including its own manufacturing capabilities, recognizable brands, and an existing distribution network within Kenya's stationery sector. Group leadership views the acquisition as strategically important, with Kenya's economy exceeding $136 billion in GDP and a population surpassing 54 million presenting substantial commercial opportunities. According to Hemas Group CEO Ashish Chandra, the acquisition positions the company to access a large and expanding consumer market while enabling potential expansion into other East African economies.

Hemas expects the investment to generate operational synergies between the acquired company and Atlas Axillia, particularly in stationery products, back-to-school items, and education-focused consumer segments. Managing Director Sabrina Esufally indicated that East Africa and Bangladesh are becoming central to the group's international consumer strategy, with these regional markets anticipated to contribute meaningfully to future earnings growth.

The company has committed to maintaining its investment in Sri Lankan operations while simultaneously building its regional presence. This balanced approach suggests Hemas intends to operate as both a domestic market leader and an emerging regional player across multiple emerging markets.