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De La Rue to enter joint venture with government of Kenya

18 August 2016 12:29

De La Rue signed an agreement to enter a joint venture with the government of Kenya.

The joint venture strengthens and builds on our existing long term strategic relationship with the government of Kenya.

This agreement enhances the group's position in East Africa and is in line with the strategic objective of building global partnerships.

The joint venture's facilities will become one of the Centres of Excellence for banknote and security print identified as part of our recent manufacturing footprint review.

The facilities, employing around 290 people locally, will be based in Nairobi and will supply both the domestic and export markets.

Under the agreement, the government of Kenya will take a 40% interest in De La Rue's wholly owned subsidiary, De La Rue Kenya EPZ for £5m payable on completion.

The transaction is expected to complete by the end of this calendar year.

De La Rue will continue to operate and manage the business following the completion.

At 12:29pm: (LON:DLAR) De La Rue PLC share price was -0.25p at 621.75p

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