Insurance group Jubilee Holdings Limited has purchased an additional 10% stake in submarine fibre optic cable service provider SEACOM.
The purchase raises Jubilee’s shareholding in SEACOM to 18.8 per cent after an initial 8.8 per cent stake purchase
“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.” Nizar Juma, Group Chairman, Jubilee Holdings said.
Juma added that this additional investment will continue to provide the Nairobi Securities Exchange-listed financial services firm with stable and consistent returns as has been the case with its existing investment as well as consolidate its position at the centre of digital transformation in the region.
SEACOM launched Africa’s first broadband submarine cable system along the continent’s Eastern and Southern coasts in 2009. Today SEACOM is the preferred partner for African businesses, network carriers, and service providers. Through its ownership of Africa’s most extensive ICT data infrastructure – including multiple subsea cables and a resilient, continent-wide IP-MPLS network – SEACOM provides a full suite of flexible, scalable and high-quality communications and cloud solutions that enable the growth of the continent’s economy.
SEACOM leverages cloud technology to equip small to medium enterprises with cost-effective, simple-to-integrate business tools that rapidly extend their reach. Greater efficiency is one enquiry away.
“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.” Juma added.