JHL, a Kenyan financial services company, has on March 7th, 2022, increased its shares in SEACOM. The company announced the acquisition of an additional 10% stake in undersea cable services provider SEACOM. This recent acquisition by Jubilee Holdings has put its shareholding in SEACOM at 18.8% from 8.8%.
About Jubilee Holdings Limited ( JHL )
Jubilee Holdings Limited is an investment holding company. JHL underwrites life and non-life insurance risks associated with death, disability, health, property, and liability.
Jubilee Holdings said it purchased the stake through IPS Cable System Limited, which has acquired SEACOM Holding Ltd (Mauritius) shareholding amounting to 10%.
About SEACOM
SEACOM is the first undersea cable to provide internet services in Africa. This was after the company undertook a 2-year construction project that cost more than $500 Million (KSh51.5 billion) and pooled together different investors. The company provides a full suite of flexible, scalable, and high-quality communications and cloud solutions that enables economic growth.
They leverage cloud technology to equip small to medium enterprises with cost-effective, simple-to-integrate business tools that rapidly extend their reach.
What The Investment Means For JHL and SEACOM
Speaking on its recent share acquisition, the Group Chairman of Jubilee Holdings Limited (JHL), Mr Nizar Juma said, “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.
This additional investment will continue to provide us with stable and consistent returns as has been the case with our existing investors as well as consolidate our position at the center of digital transformation in our region.”
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“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.”