Eric Ellerine, a renowned 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 millions dollars in recent times.
According to data tracked by Billionaires.Africa, Ellerine, who derives his fortune from diverse investments in publicly listed companies, properties, and private equity, has witnessed a sharp decline of R104 million ($5.36 million) from his stake in Sabvest Capital in the past 18 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.
Since Sept. 21, exactly 18 days ago, Sabvest Capital shares on the Johannesburg Stock Exchange (JSE) have slumped by 9.29 percent, declining from R70 ($3.609) on Sept. 21 to R63.50 ($3.274) at the time of writing, thus leading to losses amounting to millions of dollars for its shareholders, including the South African furniture tycoon Ellerine.
As a result of the single-digit percent slump in the shares Sabvest Capital, Ellerine’s stake in Sabvest Capital has declined by R104 million ($5.36 million) in just 18 days falling, from R1.12 billion ($57.75 million) on Sept. 21 to R1.02 billion ($52.39 million) at the time of writing.
