French giant Société BIC has taken over part of Haco Industries Limited operations ran by Kenyan multi-millionaire Chris Kirubi.
This is following an official announcement on the firm’s website that it had finalized the takeover estimated at Ksh700 million.
BIC will now acquire manufacturing sites and the distribution business of writing products, lighters and razors which the Kasarani based Company is known for.
On the other hand, Haco will remain with its skin care, home care, and hair care line of business whose brands include Sosoft fabric softener and Miadi shampoo.
Early this year, Forbes reported that the Kenyan Competition Authority had approved the transaction unconditionally last October.
In August last year, Haco Industries announced that it was relinquishing its manufacturing and distribution rights of BIC stationery and personal care products to French company Société BIC, the original owners of the brand.
The tycoon, who is in his seventies, also runs Centum Investments company and he is listed as the largest shareholder in Nairobi Stock Exchange.
The business man who is battling acute cancer of the colon, is also the chairman of several companies including DHL Express Kenya Limited, Kiruma International Limited, International House Limited, Nairobi Bottlers Limited, Sandvik East Africa Limited and 98.4 Capital FM.
Last year a photo of ailing Chris circulated online showing his deteriorating physical state eliciting sorrowful emotions among Kenyans.