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South African multimillionaire businessman Adrian Gore has sold R49.4 million ($3.18 million) in shares in Discovery Limited, one of South Africa’s largest and most diverse multinational financial services groups.
According to information obtained by Billionaires.Africa, Gore, who founded Discovery Limited in 1992, held a beneficial 7.57-percent stake in the South African group prior to his recent transaction, making him the financial services provider’s largest individual shareholder.
The South African mogul sold a total of 350,000 shares in three separate transactions for 9,162 shares on May 25, 253,338 shares on May 27, and 87,500 shares on May 27, at a cost of R139.22 ($8.97), R140.05 ($9.03), and R144.57 ($9.31) per share, according to a trading update published on the Johannesburg Stock Exchange on Thurs., June 2.
The market value of the 350,000 shares sold was R49.4 million ($3.18 million). As a result of the transaction, Gore’s stake in Discovery fell from 7.52 percent to 7.47 percent.
The financial services group informed shareholders that Gore’s share sale transaction was completed as part of the funding arrangements made previously to follow various rights offers and subscriptions for Discovery shares over time.
Discovery Limited provides long- and short-term insurance, asset management, savings, and investment. It maintains active operations through subsidiaries in the United Kingdom, United States, China, Singapore, and Australia.
Recently, the South African group partnered with AIA Group, a Hong Kong-based global insurance and finance corporation, to establish a pan-Asian health insurance technology business.
Discovery shares were trading at R141.45 ($9.12) per share on the Johannesburg Stock Exchange as of press time. The current market value of Gore’s 7.47-percent stake in the South African financial services group is R7.2 billion ($464.1 million).
