S.Africa's MMI to buy stake in Kenyan insurer - CNBC Africa

S.Africa's MMI to buy stake in Kenyan insurer

Financial

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The deal was worth 27 million US dollars. PHOTO: Getty Images

The deal was worth 27 million US dollars, which was made 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.

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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. 

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