South African billionaire Saltzman family faces $54 million loss in 83 days

The Saltzman family of South Africa, founders of the leading retail pharmacy chain and healthcare group Dis-Chem Pharmacies, has witnessed a significant decline in their joint stakes, losing almost $54 million over the past 83 days.

This drop comes as shares in the company continue to plummet due to sustained selling on the Johannesburg Stock Exchange.

Lynette and Ivan Saltzman, who established Dis-Chem Pharmacies in 1978, presently hold a beneficial 35.15-percent stake in the healthcare giant.

Over the decades, the company has evolved into one of the country’s prominent retail healthcare groups, encompassing associated dispensaries, family clinics, wound care clinics, and comprehensive self-medication centers.

Ivan Saltzman, the former CEO of Dis-Chem, resigned from his position at the helm of the company 25 days ago, making way for Rui Morais, the CFO who was appointed CEO-designate in August 2021, to take over as CEO in early July 2023.

According to Billionaires.Africa, the market value of the Saltzman family’s 35.15-percent stake in Dis-Chem Pharmacies has plummeted from R8.12 billion ($461.94 million) on May 3 to R7.17 billion ($408 million) at the time of writing.

This translates to a staggering total loss of R948.49 million ($53.94 million) for the South African billionaire family over the past 83 days, triggered by an 11.68-percent decline in Dis-Chem shares.

Since May 3, the share price of the South African retail pharmacy chain has slumped from R26.89 ($1.531) to R23.75 ($1.352) at the time of reporting, as investors on the Johannesburg Stock Exchange continue to reduce stakes in volatile assets amid growing economic uncertainty.

Despite the recent decline in the company’s shares, Dis-Chem Pharmacies maintains its position as one of the key players in South Africa’s healthcare landscape, as it continues to serve millions of customers through its various healthcare services and retail offerings.