South African tycoon Gus Attridge rakes in $19 million from Aspen shares

Yusuf Abdulfatai -

South African multimillionaire executive Michael Guy Attridge (Gus Attridge) has experienced a significant increase in the market value of his stake in Aspen Pharmacare as shares in the leading pharmaceutical company surged on the Johannesburg Stock Exchange (JSE).

Data tracked by Billionaires.Africa reveals that the market value of Attridge’s stake in the Durban-based pharmaceutical company has surged by R366.21 million ($19.64 million) over the past 37 days, due to the heightened buying interest from local investors.

The recent upswing comes on the heels of a setback that led to Attridge recording a loss of $11.96 million between Oct. 2 and Oct. 26. During this period, his stake in Aspen Pharmacare declined from R3.39 billion ($176.80 million) to R3.16 billion ($164.84 million).

Aspen shares surge 11.6 percent, reflecting bullish sentiment among shareholders

Aspen Pharmacare Holdings is a South African multinational pharmaceutical holding company co-founded by leading pharma tycoons Stephen Saad and Attridge 25 years ago.

Since Oct. 26, the share price of Aspen Pharmacare on the JSE has experienced a surge of 11.6 percent, rising from R166.01 ($8.9) on Oct. 26 to R185.26 ($9.94) at the time of writing, thus leading to substantial gains amounting to millions of dollars for its shareholders.

Attridge’s Aspen stake hits $189 million, bolstering his position as one of the top investors on JSE

Attridge, Aspen’s group chief advisor who ranks as one of JSE’s richest investors, owns a 4.26-percent stake in the pharmaceutical group. His stake, which amounts to 19,024,134 ordinary shares in the leading drug group, is presently worth R3.52 billion ($189.06 million).

The recent surge in Aspen shares has resulted in the market value of Attridge’s stake in the company increasing by R366.21 billion ($19.64 million), from R3.16 billion ($169.41 million) on Oct. 26 to R3.52 billion ($189.06 million) at the time of writing.

This substantial gain solidifies Attridge’s 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.