IPS Industrial Promotion Services Ltd. and Jubilee Holdings Limited (NASE:JUB) made a bid to acquire an unknown majority stake in SEACOM Ltd. for approximately $600 million on July 10, 2020. Aga Khan Fund for Economic Development parent of buyers already owns a significant stake in Seacom through IPS and post completion, IPS will indirectly owns 25% voting rights and 10% economic rights in SEACOM. Upon completion, Aga Khan Fund for Economic Development will hold indirectly 100% in SEACOM. This transaction is subject to approval of Comesa Competition Commission. Marita van der Walt and Mike Conradi of DLA Piper LLP of legal advisor to SEACOM Ltd.

IPS Industrial Promotion Services Ltd. and Jubilee Holdings Limited (NASE:JUB) completed the acquisitions of 19% in SEACOM Ltd. for approximately $600 million on March 8,2022..