Nairobi headquartered financial services holding company Jubilee Holdings has announced the acquisition of an additional 10% stake in undersea cable services provider SEACOM. The deal increases Jubilee Holdings’s shareholding in SEACOM from 8.8% to 18.8%.
Jubilee Holdings said it purchased the stake through IPS Cable System Limited, which has acquired SEACOM Holding Ltd (Mauritius) shareholding amounting to 10%.
“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 the Group Chairman of Jubilee Holdings Limited (JHL), Mr Nizar Juma.
About SEACOM
SEACOM landed 10 years ago as the first undersea cable to provide internet services in Africa. This was after a 2-year construction project that cost more than $500 Million (KSh51.5 billion) and pooled together different investors.
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