The Aga Khan Fund for Economic Development (AKFED) has made a bid, seeking to fully acquire fibre optic undersea cable firm, Seacom.
According to an inquiry notice from the Comesa Competition Commission, AKFED is seeking to acquire all the shares in the KSh65 billion fibre cable through its subsidiaries, Industrial Promotion Services (IPS), and Jubilee Holdings.
“The parties have submitted that the proposed transaction involves the acquisition of 100% shareholding in the target by IPS, resulting in IPS indirectly owning 25% voting rights and 10% economic rights in Seacom Capital Ltd (Mauritius),” reads a statement from Comesa Competition Commission.
AKFED already owns a significant stake in the firm through IPS, and the transaction would confer more authority and ownership on its subsidiaries.
Seacom’s infrastructure connects South Africa, Mozambique, Madagascar, Kenya, and Tanzania to other international broadband cables, and accounts for 24% of Kenya’s total undersea bandwidth capacity.