Hemas eyes African expansion with Twiga Foods stake purchase

Hemas Holdings has purchased a 75 percent stake in Twiga Foods, a Kenya-based food distribution company, for US$16.1 million, signalling its expansion into African markets. The acquisition forms a key component of the Sri Lankan conglomerate's growth strategy to significantly increase its international revenue streams over the coming years.

Twiga Foods operates in Kenya's fresh food supply chain, providing distribution services to retailers and traders across the East African nation. The acquisition provides Hemas with a foothold in a rapidly growing market and diversifies its geographic exposure beyond its traditional South Asian base.

Hemas has set an ambitious target of generating 15 percent of its total revenue from foreign markets by 2030, up from current levels. The Twiga investment represents a significant step toward this objective, complementing the conglomerate's existing international operations.

The Sri Lankan company, which operates across pharmaceuticals, consumer goods, and distribution networks, has previously signalled its intent to pursue strategic acquisitions that expand its emerging market presence. The Kenyan venture underscores management's confidence in growth opportunities across Africa's developing economies.

Details regarding management structure and operational integration of Twiga Foods under Hemas ownership have not been disclosed. The acquisition is expected to close subject to customary regulatory approvals in Kenya.