DISCOVERY TO BUY 24.99% OF PING AN HEALTH

South African health insurer Discovery Holdings said today that it had entered into a non-binding agreement to buy a 24.99% stake in China-based Ping An Health Insurance Co. In a statement to the Johannesburg Stock Exchange Discovery said that the priced would not be more than 5% of Discovery's market capitalization. It added that the move into China would provide "immediate scale, brand and distribution capability in this rapidly growing market". Ping An Health's capital will be boosted as a result of the deal, since Discovery is buying newly issued shares.