Chris Rex, CEO of Ramsay Health, just cashed in $27.24 million of his holding in Australia’s biggest private hospital operator.

A short time ago, the company’s shares were down 2% to $65.17.

In a filing to the ASX after the market closed Friday, Rex said he had sold 400,000 shares at $68.10 each.

He still has 804,017 shares plus various other holdings via performance rights issued as part of incentives schemes.

Chief financial officer Bruce Soden also sold down, getting $7.49 million for 110,000 shares.

The company operates in six countries with a hospital network of 220 and 25,000 beds.

In its latest half year results, Ramsay posted a 3.5% rise in revenue to $4.3 billion and net profit after tax of $255.9 million, up 13.8%.

The company says its business is driven by global demand for healthcare driven by an ageing population, clinical innovation and increasing consumer expectations.

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