Standard Bank sells 2% of Discovery

Comment on this story



Businessmen chat in front of a Standard Bank logo in Sandton outside Johannesburg.

Johannesburg - Standard Bank Group Ltd., Africa’s largest lender, said it’s selling shares in Discovery Holdings Ltd. worth 1.15 billion rand ($110 million), or about 2 percent 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 today.

“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 47.2 billion rand. - Bloomberg News

sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.


Join us on

IOL-Social networks IOL-Social networks IOL-Social networks IOL-Social networks