orangeblock

Metropolitan International acquisition of Kenyan insurer Cannon approved

18 September 2014 | Company News & Results | Metropolitan | MMI Holdings

South African listed insurance-based financial services group MMI Holdings Limited (MMI), has announced that the transaction by its Metropolitan International division to acquire a significant majority stake in Kenyan insurer Cannon Assurance Limited (Cannon) has become unconditional. The Kenyan Competition Commission has approved the transaction without any conditions.

The acquisition, first announced in February 2014, represents an important milestone to fast track MMI’s growth strategy in Africa and strengthens MMI's presence in East Africa. MMI is investing around ZAR300m on the acquisition of a majority stake in Cannon, which will be funded from the ZAR500m set aside by MMI's Board for strategic growth initiatives in Africa.

Metropolitan International acquisition of Kenyan insurer Cannon approved
quick poll
Question

The Leo Cash and Carry transfer of 4405 bitcoins is a reminder to consider exchange control regulations before moving cash or crypto offshore. How do you approach exchange control compliance?

Answer