Jubilee taps 10pc additional SEACOM stake
Jubilee Insurance has improved its stake in technology firm SEACOM to 18.8 per cent after acquiring an additional 10 per cent.
The insurance firm says the additional investment will continue to provide stable and consistent returns as the company consolidates its position at the centre of digital transformation in the region.
Jubilee Group chair Nizar Juma said the firm is acting through IPS Cable System Limited, which bought shares amounting to 10 per cent at SEACOM Holding (Mauritius).
“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,” said Juma.
This move by Jubilee increased the insurer’s shareholding at SEACOM from 8.8 per cent to 18.8 per cent.
Changing tack
“We are very pleased with this additional investment in SEACOM, which has been a key partner for the modernisation of African businesses in several countries, and we have confidence in the business’s growth trajectory,” said Mr Nizar.
The acquisition comes after Jubilee Holdings gained Sh2.074 billion from the sale of 66 per cent of its Insurance business to multinational Allianz Group.
