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The Saltzman family of South Africa has seen the market value of their joint stakes in Dis-Chem Pharmacies slump by R2.36 billion ($145 million) in the past two months, as shares in the South African group continue to fall on the back of a sustained sell-off on the Johannesburg Stock Exchange.
Dis-Chem Pharmacies is a leading retail pharmacy chain and healthcare group in South Africa. Lynette and Ivan Saltzman, who founded the company in 1978, own a beneficial 45.2-percent stake in the healthcare company.
Since the Saltzmans founded the company more than four decades ago, it has grown into one of the country’s leading retail healthcare groups, with associated dispensaries, family clinics, wound care clinics, and comprehensive self-medication centers.
According to data obtained by Billionaires.Africa, the market value of the Saltzman’s 45.2-percent stake in Dis-Chem Pharmacies has dropped from R14.95 billion ($918.23 million) on April 30 to R12.59 billion ($773.23 million) at the time of writing this report.
This translates to a total R2.36-billion ($145 million) loss for the billionaire family in the past two months, spurred by a 15.8-percent drop in Dis-Chem shares.
Since May 1, shares in the South African retail pharmacy chain have fallen from R38.45 ($2.362) to R32.38 ($1.99) at the time of writing, owing to a sustained sell-off on the Johannesburg Stock Exchange as investors reduced stakes in risky assets.
The recent stock market sell-off also comes on the heels of a reduced appetite for emerging market shares after central banks in developed markets raised interest rates in an effort to curb the surge in inflation caused by increases in energy and food prices.
