Chris Kirubi is set to earn more than was initially announced in the sale of Haco Industries to Societe BIC

When Chris Kirubi’s Haco Industries concluded the sale of Haco Industries to French multinational BIC, the Kenyan billionaire was set to rake in around Ksh720 million.

Now, the actual figure will see his bank account over the next three years earn around Ksh1.1 billion more.

This raises his payout in the deal to Ksh1.8 billion, according to a quoted annual report from the French multinational manufacturer Societe BIC.

According to Nation Media Group owned Business Daily, the additional payments which will be paid out until 2022 are largely due to refund in capital invested into Haco Industries to allow it to distribute and manufacture BIC products within the East African region.

In its first quarter results for 2019, BIC reported a net cash position of Ksh15.4 billion.

Of the French multinational’s Q1 2019 net cash position, the Haco Industries acquisition was responsible for a Ksh205.8 million dent.

As at December 2018, the firm had reported a net cash position of Ksh18.4 billion.

Beyond the acquisition of Haco in December 2018, BIC also sold its sports outfit so as to focus on stationery, lighters and shavers.

In March, the French multinational launched its East Africa headquarters at their newly acquired facility.

From its facility based in Kasarani, the French multinational will expand its market to Djibouti, Eritrea, Somalia and South Sudan.

It will also add Tanzania, which used to be run from the South African unit, into its existing portfolio that includes Kenya, Ethiopia, Burundi, Rwanda and Uganda.

“Our focus now is on expanding our footprint in the African continent and providing high quality affordable products to our consumers,” BIC chief executive Gonzalve Bich said while in Nairobi in March.

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