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South Africa's Mutual & Federal Insurance Co. Ltd. has bought a further 33.6% stake in the nation's Credit Guarantee Insurance Corp. of Africa Ltd. for around 600 million South African rand ($47 million), South Africa's BusinessDay reports.
With this latest purchase, Mutual & Federal's shareholding in Credit Guarantee has increased to 86%. Mutual & Federal has acquired the stake from rival insurer Santam Ltd. The stake purchase is awaiting regulatory approval. Mutual & Federal aims to grow its business into the rest of Africa.