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Standard Bank selling 2% of Discovery's stock for a client

Renee Bonorchis

Standard Bank is selling over R1-billion of Discovery shares for an unnamed client.

Standard Bank has sold 2% of Discovery shares. South Africa's biggest medical aid insurer has a market value of R46.6-billion. (Photo supplied by Standard Bank)

Standard Bank Group, Africa's largest lender, said it's selling shares in Discovery Holdings worth R1.15-billion, or about 2% of the company, for a client.

"They are going at a discount," Jhulan Vallabh, part of Standard Bank's equity capital markets team, said in a phone interview from Johannesburg on Thursday. "We are looking to close the books today.

The seller isn't chief executive Adrian Gore, Vallabh said, while declining to name the bank's client. Discovery’s three biggest shareholders are Rand Merchant Insurance Holdings Ltd, South Africa's Government Employees Pension Fund and Gore, according to Discovery's latest annual report.

Discovery, which owns South Africa's largest medical- insurance administrator, has a market value of R46.6-billion. The stock fell 1.4% to R78.71 as of 10:49am in Johannesburg trading, its lowest level in almost two months. – Bloomberg

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