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Jubilee Holdings increases stake in SEACOM to 18.8%

Business ReporterbyBusiness Reporter
March 7, 2022
in African News, Markets
Reading Time: 2 mins read
Aga Khan bids to buy fibre cable Seacom

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.

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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.

Interview; Seacom CEO Byron Clatterbuck

ALSO READ;

Aga Khan Bids to Acquire Seacom in KSh65 Billion Deal

SEACOM ready to power the next wave of enterprise connectivity across Africa


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