February 24, 2014 / 1:11 PM / 4 years ago

South Africa's MMI to buy stake in Kenyan insurer for $27 mln

JOHANNESBURG, Feb 24 (Reuters) - 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 at home.

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)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below