How Chris Kirubi just made Sh. 67 million

Chris Kirubi Haco Industries: Chris Kirubi is set to end the year Sh. 67 million richer. This follows fresh additional payment for the sale of his BIC East African franchise.

The Sunday Nation reports that the fresh payment is part of his staggered payment following his sale of the regional stationery, lighters and shavers franchise to French conglomerate Société BIC which owns the brand.

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“Mr. Kirubi, through his manufacturing unit Haco Industries Kenya Limited, was paid an initial €6.3 million (Sh. 703 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 (Sh. 1.1 billion) over three years, raising the total compensation to Sh. 1.8 billion. The multinational, which made the first additional payment of €1.8 million (Sh. 201 million) in the half year ended June, has disclosed that it paid Haco a further Sh. 67 million in the three months ended September,” says the report.

The report further says:

Société BIC took over manufacturing facilities in Kenya and distribution of stationery, lighters, and shavers in East Africa, with Haco retaining ownership of the properties which it has leased to the French firm.

The French multinational says it inherited BIC inventory with a gross value of €2.8 million (Sh. 312 million) and supplier debt of €9.9 million (Sh. 1.1 billion), resulting in short term liabilities exceeding current assets by €7.1 million (Sh. 793 million). Chris Kirubi Haco Industries.

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