Chemist Warehouse founders to sell Sigma Healthcare stake

• The co-founders of Chemist Warehouse may sell up to 20% of their combined shareholding.
• Sigma Healthcare shares rose 2.5% to close at $2.87 following the market announcement.
• The potential sale follows the scheduled release of five billion shares from voluntary escrow next month.

Sigma Healthcare (ASX:SIG) announced that co-founders Sam and Jack Gance may sell up to 20% of their combined $7.7 billion stake when their voluntary escrow period ends on Aug. 27.

The potential sell-down contrasts with fellow billionaire co-founder Mario Verrocchi, who stated he does not intend to sell any of his $6.6 billion shareholding in the near term.

"Any decision by the founders to sell shares following the end of the escrow period is solely a matter for them and not something the Sigma board is involved in," said Sigma Healthcare Chairman Michael Sammells.

The combined 20% stake from the Gance brothers is valued at $33 billion.

Following the announcement, the Sigma Healthcare share price was up at $2.87.

The pharmacy group previously merged Chemist Warehouse with Sigma through a $34 billion backdoor listing transaction last year to create a combined retail entity.

The company recently withdrew from a potential $14 billion acquisition of United Kingdom pharmacy chain Boots to maintain its primary strategic focus on the Australian market.