Kenyan insurance group Jubilee Holdings Limited (JHL) has purchased an additional 10% stake in submarine fibre optic cable project SEACOM, bringing its shareholding in SEACOM to 18.8%.
Nizar Juma, Group Chairman, Jubilee Holdings, while speaking on the additional investment 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 a stable and consistent return as has been the case with our existing investment as well as consolidate our position at the centre of digital transformation in our region.”
SEACOM launched Africa’s first broadband submarine cable system along the continent’s eastern and southern coasts in 2009. Today, SEACOM is one of the most preferred partners for African businesses, network operators, and service providers. As the owner of Africa’s most extensive ICT data infrastructure – including multiple subsea cables and a resilient, continent-wide IP-MPLS network – SEACOM offers a complete range of flexible, scalable, high-quality communications and cloud solutions that enable the continent’s economy to grow.
By utilising cloud technology, SEACOM helps small- and medium-sized businesses gain access to reliable, simple-to-integrate business tools that enable them to quickly expand their reach.
Juma added that the completion of this transaction confirms our continuing need to diversify our investments across key sectors of the economy.
He said, “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.”
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