South African tycoon Gus Attridge’s stake in Durban-based pharmaceutical company Aspen Pharmacare Holdings has dropped by $7.2 million in just five days as investors booked profits in the leading pharmaceutical company.
Data tracked by Billionaires.Africa reveals that the market value of Attridge’s stake in the Durban-based pharmaceutical company has declined by R172.23 million ($7.17 million) since Sept. 27, navigating the declining trend of the company’s shares.
Aspen Pharmacare Holdings is a South African multinational pharmaceutical holding company co-founded by leading pharma tycoons Stephen Saad and Attridge 25 years ago. The company’s market capitalization is estimated at R76.25 billion ($4.04 billion) at the present price level, making it the 35th most valuable company on the local bourse.
Attridge, Aspen’s group chief advisor who ranks as one of South Africa’s richest businessmen, owns a 4.26-percent stake in the pharmaceutical holding company, which amounts to 19,024,134 ordinary shares in the leading drug group.
Since Sept. 27, Aspen’s shares on the Johannesburg Stock Exchange have slumped by four percent, declining from R177.97 ($9.304) on Sept. 27 to R170.86 ($8.932) at the time of writing, thus leading to losses amounting to millions of dollars for its shareholders, including Attridge.
As a result of the single-digit percent slump in the share price of the pharmaceutical company, the market value of Attridge’s stake has slumped by R172.23 million ($7.17 million) in just five days, falling from R3.39 billion ($179.40 million) on Sept. 27 to R3.25 billion ($172.23 million) at the time of writing.
Despite the sentiment surrounding the company’s market performance, Attridge still maintains his position as not only one of the most affluent individuals in South Africa but also one of the top investors on the Johannesburg Stock Exchange equity market.
