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South African multimillionaire executive Gus Attridge’s stake in Aspen Pharmacare Holdings, a Durban-based pharmaceutical company, is worth R2.96 billion ($171.14 million) at the time of writing this report.
Aspen Pharmacare Holdings Limited is a South African multinational pharmaceutical holding firm cofounded by pharma tycoons Stephen Saad and Gus Attridge 25 years ago.
Attridge, the drug business’s deputy group CEO, finance director, and executive director, owns a 4.26-percent stake in the company, which corresponds to 19,012,270 ordinary shares in the group.
As of press time on Nov. 16, Aspen shares on the Johannesburg Stock Exchange (JSE) were trading at R155.94 ($9.01), seven basis points lower than their opening price this morning, as investors continued to trim down stakes in the pharmaceutical company despite reporting a 31-percent increase in headline earnings, at the end of its 2022 fiscal year.
According to data tracked by Billionaires.Africa, Attridge’s stake in the Durban-based pharmaceutical company is now worth R2.96 billion ($171.14 million), further cementing his position as one of the richest investors on the JSE.
His stake in the pharmaceutical firm is currently worth $96.7 million less than it was at the start of this year, when the group’s share price climbed above R224 ($14) a share, increasing the market value of his stake to nearly $270 million.
Since the start of the year, the market value of his stake has dropped by R1.3 billion ($96.7 million) to R2.96 billion ($171.14 million), down from R4.26 billion ($267.85 million) due to persistent selling pressure among investors.
Despite Aspen recording a good performance at the conclusion of its fiscal year in 2022, the group’s shares have been consistently sold off on the JSE, negatively impacting its market valuation.
At the end of its fiscal year in 2022, the group reported a 31-percent increase in headline earnings, the primary profit measure in South Africa, from R11.19 ($0.628) to R14.61 ($0.821) per share, owing to improved operating margins supported by a lower operating expense base and a strong balance sheet.
