Kenyan Multimillionaire Chris Kirubi Pockets $7 Million From BIC Sale by Forbes – Entrepreneurs

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Kenyan multimillionaire Chris Kirubi earned about €6.3 million ($7 million) from selling the BiC brands East Africa franchise to French conglomerate Société BIC last year.

The French multinational revealed the amount it paid the businessman in its Q4 and Full Year 2018 results published on its corporate website.

Haco Industries, a fast moving consumer goods manufacturer which is owned by Chris Kirubi, held the exclusive franchise for BiC products in the East African region for four decades. Haco Industries announced in August that it was relinquishing its manufacturing and distribution rights of BIC stationery and personal care products to Société BIC, the original owners of the brand. The Kenyan Competition Authority approved the transaction unconditionally on last October but the deal was finalized in January this year.

Haco Industries, one of Kenya’s largest consumer goods manufacturers, has agreements with several multinationals to manufacture and sell their brands in Kenya and East Africa. The company manufactures soaps, beauty lotions and pasta. The company is 100% owned by Kenyan business mogul Chris Kirubi who is also the largest shareholder in Centum Investments, a Nairobi Stock Exchange-listed investment company.

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March 9, 2019 at 07:20AM
Forbes – Entrepreneurs