Jubilee Holdings Limited (JHL) has increased its shareholding in SEACOM by acquiring a further ten percent shares, strengthening the insurer’s position at the tech firm with an 18.8 percent stake.
“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 Nizar Juma, the group Chairman of Jubilee Holdings.
Juma said the group will keep consolidating its position at the center of digital transformation in the region.
The attaining of the shareholdings has been made possible as IPS Cable system limited has paved a way for JHL by acquiring the shareholdings.
SEACOM, a firm that launched Africa’s first broadband submarine cable in 2009, assists Small and Medium Enterprises (SMEs) with business tools that are affordable, by providing cloud technology.
“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.”
Being the owner of Africa’s most extensive infrastructure of ICT, data has made SEACOM the preferred partner for African businesses.