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.