Jubilee Holdings acquires 10pc additional stake in SEACOM

NAIROBI, Kenya March 7-Jubilee Holdings Limited (JHL) has acquired an additional 10 per cent stake in SEACOM.

This transaction increases JHL’s shareholding in SEACOM from 8.8 per cent to 18.8 per cent.

“We are very pleased with this additional investment in SEACOM, which has been a key partner for the modernization of African businesses in a number of countries, and we have confidence in the business’s growth trajectory,” said Group Chairman of Jubilee Holdings Limited (JHL), Nizar Juma.

JHL is acting through IPS Cable System Limited, which has acquired SEACOM Holding Ltd (Mauritius) shareholding amounting to 10 per cent.

SEACOM launched Africa’s first broadband submarine cable system along the continent’s Eastern and Southern coasts in 2009.

The firm leverages cloud technology to equip small to medium enterprises with cost effective, simple-to-integrate business tools that rapidly extend their reach.

“The completion of this transaction lends credence to our continued need to diversify our investment priorities across key sectors of the economy. Our continued investments into infrastructure sub-sectors, namely energy and ICT are representative of this diversification and importantly manifest our desire to participate as an engine of economic growth of our region,” said Juma.