Haco Industries has received an additional payment of Ksh. 273 million (USD 2.31 million) from Societe BIC, a French manufacturing conglomerate. The company is a FMCG manufacturer led by the family of the late Kenyan billionaire Chris Kirubi.
The payment comes nearly three years after the French conglomerate acquired Haco Industries’ East African facilities. Societe BIC disclosed in its annual financial report that it paid an additional Ksh. 273 million (USD 2.31 million) to Haco Industries, which is run by Kirubi’s daughter Mary-Ann Musangi, in the fiscal year ending December 2021. This brings the total payouts to Haco to Ksh. 1.6 billion (USD 13.75 million).
A report by Business Daily reveals that the payment is intended to compensate Haco for capital commitments made in the Kasarani, Nairobi, and manufacturing facilities prior to BIC’s acquisition.
The late Chris Kirubi founded Haco Industries in 1970, to become one of the region’s top FMCG manufacturers. Now run by Musagi, the business supplies a broad range of Kenyan personal and homecare products to Central and East African markets.
The astute businessman died last year at the age of 80 after a four-year illness. He divided his Ksh. 20 billion fortune among his family members, according to court documents.
His son Robert and daughter Mary-Ann received 80% of his fortune, which included stakes in Centum, KCB Group, Haco Industries, Bendor Estate Limited, and a variety of other businesses.
Meanwhile, his siblings received 20% of his fortune. This includes his brothers Anthony Maina and Michael Kirubi, and sisters Elizabeth Waithera and Salome Mburu.