Kenafric Expands into East Africa’s Stationery Market After Acquiring Economic Industries Ltd
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Kenafric, a leading manufacturer of stationery, footwear, confectionery, food, biscuits, and beverages, has announced its expansion into the East African stationery market following the acquisition of Economic Industries Ltd.
The deal, which received unconditional approval from the Competition Authority of Kenya (CAK), officially took effect on March 5, 2025, bringing Economic Industries Ltd under Kenafric Manufacturing Limited (KML). This move makes Kenafric one of Kenya’s largest stationery manufacturers, significantly strengthening its market position.
Expanding Across East Africa
With its robust distribution network, Kenafric plans to introduce stationery products into Tanzania, Uganda, Burundi, and the Democratic Republic of Congo (DRC). The company aims to scale production, reduce costs, and offer consumers better pricing, while ensuring wider access to high-quality stationery across the region.
Mikul Shah, Kenafric Group CEO, highlighted the company’s vision during a merger celebration at Kenafric’s stationery plant on Mombasa Road, Nairobi:
“The stationery industry is more than just notebooks and pens—it fuels education, communication, and creativity. By integrating Economic Industries Ltd’s expertise with our manufacturing and distribution network, we are poised to expand our market, drive innovation, and deliver more value to consumers.”
Kenafric was already engaged in stationery production and exports, while Economic Industries Ltd focused on the local market. Their combined operations create a powerful synergy, enabling increased production capacity, product diversification, and improved cost efficiencies.
“By combining forces, we can scale up operations, reduce production costs, and make high-quality stationery more affordable,” added Shah.
New Leadership and Innovation Plans
Following the merger, Bhavesh Shah, former Managing Director of Economic Industries Ltd, has been appointed Managing Director, Stationery Division, Kenafric Manufacturing Ltd. His leadership will be crucial in executing the company’s East African expansion strategy.
Kenafric Group Chairman, Bharat Shah, reaffirmed the company’s commitment to innovation, sustainability, and market expansion. He emphasized investments in advanced machinery, data-driven processes, and stronger distribution networks to boost efficiency and maintain a competitive edge.
“We are introducing smarter automation, real-time analytics, and eco-friendly packaging solutions while expanding our product range to cater to evolving consumer needs in education and business,” he stated.
Positioning for Growth in a Booming Market
Kenya’s stationery market is projected to grow by 3.6% over the next five years, driven by government initiatives to enhance education, improve textbook access, and support underprivileged students.
With this acquisition, Kenafric is set to become a dominant player in East Africa’s stationery industry, offering affordable, high-quality products to meet the growing educational and business demands of the region.
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