February 24, 2014 / 10:12 AM / 4 years ago

BRIEF-MMI acquires Kenyan Insurer Cannon for ZAR 300 mln

JOHANNESBURG, Feb 24 (Reuters) - MMI Holdings Ltd : * Metropolitan International acquires Kenyan Insurer Cannon * Says shareholders of cannon will in turn acquire a minority stake in metropolitan life Kenya * Says investing around ZAR300M on acquisition of a majority stake in cannon * Deal will be funded from the ZAR500M set aside by MMI’s board for strategic growth initiatives in Africa * Deal will enable consolidation of life licences into one and a standalone short-term insurance licence and business

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