Haco, which has been manufacturing and distributing the BIC brand for about three decades, earlier last year signed an agreement to relinquish the business to the French multinational.
Chris Kirubi is set to secure over Ksh 700 Million from the deal which is a bit higher than the former Ksh 300 Million from
BIC will acquire Haco’s semi-automated production plant located in Kasarani, Nairobi as part of the transaction which the Kenyan firm believes will give it an opportunity to diversify and grow in the regional markets.
The deal comes months after Kirubi regained full control of Haco with the buyback of the 51 per cent stake he had sold to Johannesburg-based Tiger Brands.
BIC will handle the manufacture and distribution of its stationery, lighters and shavers.
The brand currently enjoys the largest market share of ball pens in East Africa.