Saltzman family loses $22 million in 13 days

The South African billionaire Saltzman family, founders of the retail pharmacy chain and healthcare group Dis-Chem Pharmacies, have witnessed a substantial decline in their stake in the group in recent times driven by the sustained decline in the company’s shares on the Johannesburg Stock Exchange.

According to data tracked by Billionaires.Africa the market value of the Saltzman family’s stake in Dis-Chem Pharmacies has decreased by R422.89 million ($22.24 million) since Oct. 11, as investors on the local bourse continue to reduce their stakes in the South Africa based group.

This adds to their ongoing losses, as they had already faced a $34-million decrease between July 25 and Oct. 5, when the market value of their stakes in Dis-Chem dipped from R7.79 billion ($403.56 million) to R7.13 billion ($369.00 million).

Dis-Chem Pharmacies is a leading retail pharmacy chain and healthcare group in South Africa. Since the Saltzmans — Lynette and Ivan Saltzman — founded the company over four decades ago, it has grown into one of the country’s leading retail healthcare groups, with dispensaries, family clinics, wound care clinics, and comprehensive self-medication centers.

The billionaire Saltzman family presently owns 35.1 percent of Dis-Chem

Lynette and Ivan Saltzman, who presently own a beneficial 35.12-percent stake in the Gauteng-based healthcare group, have steered it to become one of the largest retail pharmacy chains in South Africa by market share, with over 300 retail stores and more than 20,000 staff.

In recent times, Dis-Chem shares on the Johannesburg Stock Exchange have suffered a 5.77 percent slump, sliding from R24.25 ($1.275) on Oct. 11 to R22.85 ($1.202) at the time of drafting this report. This has pushed the group’s market capitalization below $1.1 billion.

Consequently, the market value of the Saltzman family’s 35.12-percent stake in Dis-Chem Pharmacies has declined from R7.33 billion ($385.25 million) in the past 13 days to R6.9 billion ($363.00 million) at the time of this report.

This translates to a staggering total loss of R422.89-billion ($22.24 million) for the prominent South African billionaire family.