Insurance group Jubilee Holdings Limited (JHL), announced it has purchased an additional 10% stake in submarine fibre optic cable project SEACOM, increasing its shareholding in SEACOM from 8.8% to 18.8%.
Nizar Juma, Group Chairman, Jubilee Holdings: “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 returns as has been the case with our existing investment as well as consolidate our position at the center 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 the preferred partner for African businesses, network carriers, and service providers. Through its ownership of Africa’s most extensive ICT data infrastructure – including multiple subsea cables and a resilient, continent-wide IP-MPLS network – SEACOM provides a full suite of flexible, scalable and high-quality communications and cloud solutions that enable the growth of the continent’s economy.
SEACOM leverages cloud technology to equip small to medium enterprises with cost-effective, simple-to-integrate business tools that rapidly extend their reach. Greater efficiency is one inquiry away. Juma added, “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.”
This article was written by Pie Kamau and distributed by Africa Business Communities. You can start earning money by becoming our Independent Reporter or Contributor. Contact us at IR@downtownafrica.com
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