Jubilee insurance has increased its stake in Technology firm SEACOM to 18.8 percent following the acquisition of an additional 10 Percent.
This latest move by Jubilee has increases the insurer’s shareholding in SEACOM from 8.8 Percent to 18.8 percent.
Jubilee Holdings Limited (JHL) Group Chairman, noted that JHL is acting through IPS Cable System Limited, which has acquired SEACOM Holding Ltd (Mauritius) shareholding amounting to 10%.
“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 Mr Nizar.
According to Jubilee this additional investment will continue to provide a stable and consistent returns as the company consolidates its position at the centre of digital transformation in the region.
“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,” added Juma.
The Acquisition comes after Jubilee Holdings gained Ksh2.074 billion, from the sale of 66percent of its Insurance business to the multinational Allianz group.
Technology firm 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.
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