South African executive Josua Malherbe’s equity stake in Remgro Limited has dropped by $1.4 million in the past 17 weeks, as shares in the leading investment group dropped by more than 10 percent due to selling pressures on the local bourse.
Remgro is a leading investment group with holdings in banking, financial services, packaging, glass products, medical services, mining, petroleum, beverage, food, and personal care products.
Johann Rupert, South Africa’s richest man, is the group chairman.
Malherbe, a leading business executive who began his career in Rand Merchant Bank in 1985 and now serves as Remgro’s deputy chairman, owns a beneficial 0.21-percent stake in the investment holding, which translates to 1,178,995 ordinary shares.
As of press time on Sept. 27, the group’s shares were trading at R128.8 ($7.18) per share, a five basis point decrease from their opening price this morning.
Since May 31, 2017, Remgro shares have fallen from R150.54 ($8.39) per share to R128.8 ($7.18) at the time of writing, resulting in a 14.4 percent loss for shareholders.
The double-digit drop in Remgro’s share price comes as investors on the Johannesburg Stock Exchange continue to reassess their investment goals and risk tolerance, causing a sell-off and raising valuation concerns among company directors and executives.
As a result of the price decline, the market value of Malherbe’s stake in Remgro has declined by R25.63 million ($1.43 million) from R177.5 million ($9.9 million) on May 31 to R151.85 million ($8.47 million) at the time of drafting this report.
Aside from his leadership roles and executive position with Remgro, Malherbe is also a non-executive director and deputy chairman of Compagnie Financiere Richemont, a family-oriented group founded by Rupert.
