South African tycoon Gus Attridge suffers $8-million loss from Aspen shares

South African multimillionaire and business executive Michael Guy Attridge (Gus Attridge) has recorded a significant decrease in the market value of his stake in Aspen Pharmacare, as shares in the leading pharmaceutical company plunged on the Johannesburg Stock Exchange (JSE).

According to data tracked by Billionaires.Africa the market value of Attridge’s stake in the Durban-based pharmaceutical company has fallen by R155.24 million ($8.27 million) since the start of the year.

Aspen shares drop by four percent, market cap falls below $5 million

Aspen, a global specialty and branded pharmaceutical industry leader, has a strong presence in the pharmaceutical sector spanning over two decades, improving patients’ health in more than 115 countries. It was co-founded by Stephen Saad and Attridge 25 years ago.

Since the start of the year, Aspen Pharmacare shares on the JSE have experienced a downturn of 4.01 percent, falling from R203.50 ($10.84) on Jan. 1 to R195.34 ($10.403), at the time of writing, pushing its market capitalization below the $5-billion mark.

Attridge’s Aspen stake dips below $200 million

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, is presently worth R3.63 billion ($192.69 million).

As a result of the single-digit percent slump in the group’s shares, the market value of the stake held by Attridge has slumped by R155.24 million ($8.27 million) over the past 25 days, declining from R3.87 billion ($206.17 million) on Jan. 1 to R3.72 billion ($197.89 million).

Despite this downturn, Attridge remains prominent, ranking among South Africa’s wealthy multimillionaires and standing out as a top investor in the Johannesburg Stock Exchange equity market.