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Eric Ellerine, a prominent figure in South Africa’s business landscape and the founder of furniture retail company Ellerines, has seen the market value of his stake in Sandton-based investment holding company Sabvest Capital decline by over a million dollars in recent times.
According to data tracked by Billionaires.Africa, Ellerine, who primarily derives his fortune from diverse investments in publicly listed companies, properties, and private equity, has witnessed a sharp decline of R23.60 ($1.24 million) from his stake in Sabvest Capital in the past 57 days.
Sabvest Capital, with its headquarters in Sandton, engages in diverse investment activities, including finance advances and holding listed debt, equity, and cash portfolios.
The company has substantial interests in nine unlisted companies and maintains long-term direct and indirect holdings in six listed firms, equity funds, and offshore bond portfolios.
Ellerine owns a 9.52-percent stake in Sabvest Capital, making him the second-largest shareholder in the investment holding company. South African corporate executive Christopher Seabrooke is the largest shareholder, with a significant 40.61-percent stake.
In recent times, the share price of Sabvest Capital has declined by 8.5 percent in the past 57 days, falling from R73.99 ($3.884) on July 20 to R67.70 ($3.554) at the time of writing, thus pushing the company’s market capitalization below $150 million. This downturn has resulted in considerable losses for its shareholders, including the South African furniture tycoon Ellerine.
As a result of the recent slump in the company’s shares, Ellerine’s stake in Sabvest Capital has declined by R23.60 million ($1.24 million) in the past 57 days, from R277.65 million ($14.58 million) on July 20 to R254.05 million ($13.34 million) at the time of writing.
Despite this recent loss, Ellerine remains one of South Africa’s wealthiest individuals and also one of the wealthiest investors on the Johannesburg Stock Exchange.
