MMI Holdings: Control of Kenyan insurer costs R300m

MMI Holdings would buy a majority stake in Kenyan insurer Cannon Assurance for R300 million, to increase its presence in east Africa’s top economy, the JSE-listed financial services group said yesterday. The deal gives South Africa’s third-largest life insurer access to Cannon’s short-term insurance and asset management products. MMI’s Metropolitan International unit operates in 12 countries outside of South Africa, including Botswana, Ghana and Nigeria. It already has a presence in Kenya through Metropolitan Life Kenya. South African companies are increasingly looking to buy up firms on the fast-growing continent to offset slower expansion at home. The share price dropped 0.57 percent to close at R22.57 yesterday. – Reuters