Why Kirubi is Sh67 million richer

Businessman Chris Kirubi attends a conference at the Radisson Blu Hotel in Nairobi on April 2, 2019. FILE PHOTO | DIANA NGILA | NATION MEDIA GROUP

What you need to know:

  • Businessman Chris Kirubi has received an additional Sh67 million as part of his staggered payment following his sale of the BIC stationery, lighters and shavers franchise to French conglomerate Société BIC which owns the brand.
  • Mr Kirubi, through his manufacturing unit Haco Industries Kenya Limited, was paid an initial €6.3 million (Sh703 million) in the deal which was completed in 2018.
  • Société BIC later announced that Haco is entitled to an additional deferred payment amounting to €9.9 million (Sh1.1 billion) over three years, raising the total compensation to Sh1.8 billion.

Life is good for billionaire businessman Chris Kirubi. His sale of the BIC East African franchise to its European brand owner has continued to net him and Haco Industries millions of shillings.

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