Businessman Chris Kirubi has received an additional Sh35 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 (Sh732 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.
The multinational, which made a total additional payment of €2.4 million (Sh280 million) last year, has disclosed that it paid Haco a further €300,000 (Sh35 million) in the first quarter ended March.
This means that Haco has so far received a total of Sh1 billion from the transaction, with a balance of Sh835 million expected to be settled by December 2021.
The businessman said the deferred payment is due to the capital commitments Haco had already made in the BIC business by the time the transaction was completed on December 31, 2018.
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