Jubilee Holdings, a Kenyan investment holding backed by Aga Khan IV (Shah Karim al-Husayni), has increased its interest in SEACOM, a leading pan-African telecom services provider.
According to a press statement released by Jubilee, the Kenyan insurer has increased its interest in the telecom firm from 8.8 to 18.8 percent after acquiring an additional 10-percent stake.
The conclusion of the deal, according to Nizar Juma, chairman of Jubilee Holdings, aligns with the company’s plans to diversify its investment priorities across important 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,” he said.
He went on to say that the stake will continue to give the Kenyan insurer steady and predictable earnings, while also solidifying its position at the hub of the digital revolution in the region.
SEACOM operates as one of Africa’s largest ICT data infrastructure owners, employing cloud technology to provide small- and medium-sized enterprises with cost-effective, easy-to-integrate business solutions that swiftly expand their reach.
The company is privately funded and 75-percent African-owned, with South African billionaire businessman Johann Rupert’s investment holding, Remgro, and fellow South African mogul Patrice Motsepe’s financial services conglomerate, Sanlam, each owning 30 percent and 15 percent of the pan-African telecom services provider, respectively.
SEACOM developed Africa’s first broadband submarine cable system throughout the continent’s eastern and southern shores in 2009. It has since grown into a preferred partner for African enterprises, network carriers and service providers.
Jubilee Holdings’ latest acquisition of the company’s stock comes nearly a month after SEACOM announced plans to acquire Africell’s Ugandan ventures. Africell is a rapidly expanding mobile network provider with a pan-African presence and more than 12 million users.
The move is a significant step forward in the company’s five-year strategic expansion plan, and it is consistent with the company’s commitment to provide competitive end-to-end connectivity and ICT solutions across Africa.