Discovery Ltd. founders Adrian Gore and Barry Swartzberg have sold off close to R70 million of their shares.
According to the insurer, Gore sold R42.7 million ($3.02 million) of his shares in two transactions. Swartzberg sold R26 million ($1.84 million).
News of the sale did not prevent the company’s share value from increasing 0.6 percent to R143.38 ($10.12) by early afternoon May 12.
Although COVID-19 fears dragged the company’s shares to below R70 ($4.94) in March last year, their value has recovered by 148 percent in the interim.
Discovery is one of South Africa’s largest diversified multinational financial service groups. It is listed on the Johannesburg Stock Exchange and has subsidiaries in the United Kingdom, United States, China, Singapore and Australia. The company is engaged in long- and short-term insurance, asset management, savings, investment and employee benefits through its various brands.
In March, the insurer partnered with the government to ensure that at least 3 million of its members received a COVID-19 vaccination in mid-May when the country kicks off the second phase of its vaccination roll-out. More than 13 million people need to be vaccinated by the second phase among vulnerable groups, essential workers and occupational health and safety workers.
Gore stated that private sector companies will cooperate with the government to administer the vaccinations to ensure South Africa meets its target of achieving population immunity by 2022.