South African businessman Gus Attridge’s stake in Durban-based pharmaceutical company Aspen Pharmacare Holdings has dropped by more than $11 million in the past 24 days as investors booked profits in the 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 R229.05 million ($11.96 million) since Oct. 2, 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.
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. His stake, which amounts to 19,024,134 ordinary shares in the leading drug group, is presently worth R3.16 billion ($164.84 million).
Since Oct. 2, the share price of Aspen Pharmacare on the Johannesburg Stock Exchange has experienced a downturn of 6.77 percent, declining from R177.97 ($9.399) on Oct. 2 to R167.93 ($8.866) at the time of writing, thus leading to losses amounting to millions of dollars for its shareholders.
As a result of the single-digit percent slump in the group’s share price, the market value of the stake held by Attridge has slumped by R229.05 million ($11.96 million) in just 24 days, from R3.39 billion ($176.80 million) on Oct. 2 to R3.16 billion ($164.84 million) at the time of writing.
Despite this sentiment surrounding the company’s market performance, Attridge still maintains his position as not only one of the affluent multimillionaires in South Africa but also one of the renowned investors on the Johannesburg Stock Exchange equity market.
