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MMI to buy stake in Kenyan insurer for R300m

Johannesburg - South African financial services group MMI Holdings said on Monday it will buy a majority stake in Kenyan insurer Cannon Assurance for R300 million, to increase its presence in east Africa's top economy.

The 300 million rand deal gives South Africa's third-largest life insurer access to Cannon's short-term insurance and asset management products.

MMI Holdings operates in 12 countries outside of South Africa including Botswana, Ghana and Nigeria.

It already has a presence in Kenya through its Metropolitan Kenya unit.

South African companies are increasingly looking to buy up firms on the fast-growing continent to offset slower expansion at home.

Shares of MMI fell 0.6 percent to 22.56 rand at 14:55 SA time. - Reuters

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