South African businessman Adrian Gore’s financial fortunes have experienced a significant upswing as the market value of his stake in Discovery surged by nearly $36 million in the past 94 days.
The impressive gain was driven by the recent sharp rebound in the shares of Discovery, a leading South African financial services group, pushing its market capitalization to nearly $5.2 billion on the Johannesburg Stock Exchange (JSE).
Data gathered by Billionaires.Africa revealed that Gore’s stake in Discovery has increased by R675.54 million ($35.85 million) since May 31 as investors mop up stakes in the group, with the shares trading at attractive discounts on the JSE to their intrinsic value.
Headquartered in Sandton and co-founded in 1992 as a medical insurer by Gore and Barry Swartzberg, Discovery is one of South Africa’s largest and most diverse financial services groups, specializing in long – and short-term insurance, asset management, savings, investment, and employee benefits.
The Sandton-based insurance giant has played a pivotal role in Adrian Gore’s recent financial success. As the founder of the leading financial services group, Gore holds an impressive 7.48 percent stake in Discovery, which amounts to 48,599,758 ordinary shares.
Since May 31, Discovery’s shares on the local bourse have surged from R 132.43 ($7.0273) to R146.33 ($7.765) at the time of writing this report, representing a substantial 10.50 percent gain for shareholders, including Gore, who continue to hold significant stakes in the company.
As a result of the double-digit percent bump in the group’s share price, the market value of the stake held by Gore has climbed by R675.54 million ($35.85 million) in just 94 days, from R6.44 billion ($341.53 million) on May 31 to R7.11 billion ($377.37 million) at the time of writing.
This remarkable surge solidifies Gore’s position as one of the wealthiest investors on the JSE and cements his status as one of South Africa’s most affluent businesspeople.