Discovery: Black investor takes 2% stake

Standard Bank had worked with a black economic empowerment investor on the R1.15 billion sale of about 2 percent of Discovery, the country’s largest medical aid administrator said yesterday. The stock sold for R77 a share, a 3.5 percent discount to the closing price on Wednesday, Jhulan Vallabh, part of Standard Bank’s equity capital markets team, said. Demand had outstripped supply, he said, but declined to say who had sold the stake. The shares fell 0.88 percent to close at R79.10 yesterday. – Bloomberg