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18 Apr 2019 | 09:47

De La Rue launches JV with Government of Kenya

De La Rue launched its joint venture with the Government of Kenya on its currency and secure printing site in Nairobi. Under the terms of the agreement, the National Treasury of Kenya took a 40% stake in De La Rue’s wholly owned subsidiary, De La Rue Kenya EPZ Limited. De La Rue would continue to operate and manage the business day to day and 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 would 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,' said Martin Sutherland, Chief Executive Officer of De La Rue. '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.'

At 9:47am: (LON:DLAR) De La Rue PLC share price was +4.25p at 442.75p

Story provided by StockMarketWire.com
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