Discovery Limited has lost $708.87 million (R10.04 billion) in market value since South African businessmen Adrian Gore and Barry Swartzberg sold off their stakes in the financial services group.
At the close of the Johannesburg Stock Exchange (JSE) on June 25, shares in Discovery closed on a bearish note at $8.89 (R125.81) per share, or 0.45-percent lower than its closing price on June 24.
At this price, shares in the financial services group were trading 18.06-percent lower than at its opening price for the year at $10.85 (R153.54) per share.
Billionaires.Africa reported on May 14 that the founders sold off close to $4.86 million (R68.7 million) of their shares in the diversified multinational financial service group.
Gore sold $3.02 million (R42.7 million) of his shares in two transactions. Swartzberg sold $1.84 million (R26 million).
Since the sell-off, Discovery’s shares have declined by 10.83 percent from $9.966 (R141.09) to $8.89 (R125.81) per share on June 25.
The decline of Discovery’s shares on the JSE caused its market capitalization to fall from $6.55 billion (R92.67 billion) to $5.84 billion (R82.63 billion) between May 13 and June 25.
This translates to a $708.87-million (R10.04 billion) value loss for Discovery since the founders’ sell-off in May.
Discovery is one of South Africa’s largest diversified multinational financial service groups. The company engages in long- and short-term insurance, asset management, savings, investment and employee benefits through its various brands. It operates through its subsidiaries in the United Kingdom, United States, China, Singapore and Australia.