Standard Bank Selling About 2% of Discovery on Behalf of Client

Standard Bank Group Ltd. (SBK), Africa’s largest lender, said it’s selling shares in Discovery Holdings Ltd. (DSY) worth 1.15 billion rand ($110 million), or about 2 percent of the company, for a client.

“They are going at a discount,” Jhulan Vallabh, part of Standard Bank’s equity capital markets team, said in a phone interview from Johannesburg today. “We are looking to close the books today.”

The seller isn’t Chief Executive Officer Adrian Gore, Vallabh said, while declining to name the bank’s client. Discovery’s three biggest shareholders are Rand Merchant Insurance Holdings Ltd., South Africa’s Government Employees Pension Fund and Gore, according to Discovery’s latest annual report.

Discovery, which owns South Africa’s largest medical-insurance administrator, has a market value of 47.2 billion rand.

To contact the reporter on this story: Renee Bonorchis in Johannesburg at rbonorchis@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net

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