Discovery Bank on Track After Fully Subscribed Bookbuild

Discovery Ltd.’s successful 1.85 billion-rand ($131 million) bookbuild puts it on the threshold of starting its banking unit.

The medical insurer and financial services business will issue 11.4 million new shares at 162 rand per unit, representing a 2 percent premium to Discovery’s 30-day volume-weighted average price, it said in a statement on Friday. Directors, including Chief Executive Officer Adrian Gore, subscribed for 1.5 million of the new shares, according to Discovery.

With approvals from the central bank and the competition authorities and the acquisition of certain operations from FirstRand Ltd. now secured, Discovery can launch its banking unit. The company plans to introduce the lender to reporters on Nov. 14.

By Renee Bonorchis

https://www.bloomberg.com/news/articles/2018-11-09/discovery-bank-on-track-after-fully-subscribed-bo...

business

or on to add a comment to scientific problem you are interested in!

Comments (0)

You may also be interested in

Amgen Profit Beats Estimates as Drugmaker Raises Forecast

Amgen Inc., the maker of cancer treatments and blood boosters to combat anemia, reported first-quarter profit that topped analysts’ estimates and raised its forecast for the year on stronger-than-expected drug sales. The shares rose in late trading.

Robots for stroke rehabilitation

Researchers at the University of Hertfordshire and a team of European partners have developed a prototype of a robotic glove which stroke sufferers can use in their own home to support rehabilitation and personal independence in receiving therapies.

Discovery Bank on Track After Fully Subscribed Bookbuild November 09, 2018, 10:51

You may also be interested in