The late Paul Ramsay has left a bequest of more than $3 billion to his personal foundation, the Paul Ramsay Foundation, in what is one of the largest single charitable donations in Australian history.
Formerly the ninth richest person in Australia, the founder of private hospital operator Ramsay Health Care left “the bulk” of his $3.3 billion worth, his 36.2% stake in the company, largely to be retained on trust for the Foundation.
Despite the donation ensuring the foundation will become one of the most wealthy and sustainable philanthropic entities in the country, the company has declined to provide details on what causes it would support.
The sale of Ramsay’s shares is not expected to have any significant implications for the second best performer among healthcare stocks in the S&P/ASX200 index.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.