Following the previous decline in his fortune, South African businessman Adrian Gore has witnessed a substantial increase in the market value of his stake in Discovery, driven by the recent surge in the shares of the Sandton-based insurance giant.
In the past month, Gore’s stake in Discovery has increased by R973.91 million ($51.76 million) as investors on the Johannesburg Stock Exchange renewed buying interest in the leading financial services group.
Discovery shares surge by 8.78 percent, returning impressive gains to shareholders
Headquartered in Sandton and co-founded in 1992 as a medical insurer by Gore and Barry Swartzberg, Discovery is one of South Africa’s leading financial services groups, specializing in long- and short-term insurance, asset management, savings, investment, and employee benefits.
In the past month, Discovery’s shares on the Johannesburg Stock Exchange have increased from R127.06 ($6.754) to R138.22 ($7.347) at the time of writing this report — representing an 8.78-percent gain to its shareholders, including Gore.
Adrian Gore’s stake in Discovery soars above $640 million
The Sandton-based insurance giant has played a pivotal role in Gore’s recent financial success in recent years. As the founder of the leading financial services group, Gore owns a 12.96-percent stake in Discovery, which amounts to 87,267,598 ordinary shares.
Data tracked by Billionaires.Africa revealed that the recent surge in the company’s shares has caused the market value of Gore’s stake by R973.91 million ($51.76 million) in just one month — propelling his stake value from R11.08 billion ($589.36 million) on Oct. 27 to R12.06 billion ($641.12-million) at the time of drafting this report.
This cements Gore’s position as one of the wealthiest investors on the Johannesburg Stock Exchange and reinforces his position as one of South Africa’s affluent businessmen.