JOHANNESBURG Feb 24 South African financial
services group MMI Holdings said on Monday it will buy
a majority stake in Kenyan insurer Cannon Assurance for $27
million, to increase its presence in east Africa's top economy.
The 300 million rand ($27.4 million) 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
Shares of MMI fell 0.6 percent to 22.56 rand at 1255GMT.
($1 = 10.9455 South African rand)
(Reporting by Zandi Shabalala; editing by David Dolan)