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South African billionaire and pharmaceutical mogul Stephen Saad has experienced a $36-million decrease in his stake in Durban-based pharmaceutical company Aspen Pharmacare. The dip is linked to the recent decline in the company’s stock price.
According to data tracked by Billionaires.Africa, Saad, a leading pharma tycoon who ranks as one of Africa’s leading pharmaceutical tycoons, has seen the market value of his stake in Aspen decline by R685.82 million ($36.30 million) over the past 33 days.
Aspen shares decrease by 5.9 percent, market cap slips below $4.6 billion
Aspen Pharmacare, 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.
Year-to-date, Aspen shares on the Johannesburg Stock Exchange have declined by 5.9 percent, dropping from R203.50 ($10.77) on Jan. 1 to R191.50 ($10.13) at the time of this report. This decrease has brought the company’s market capitalization below $4.6 billion, resulting in significant losses for shareholders, including Saad.
Saad’s stake in Aspen drops below $580 million
Saad, the founder of Aspen Pharmacare, owns 12.5 percent of the branded pharmaceutical holding company, which equals 57,151,972 ordinary shares. This stake, valued at almost $580 million, places him among Africa’s wealthiest individuals.
Due to the plunge in the group’s share price, the market value of Saad’s stake in Aspen Phamacare fell by R685.82 million ($36.33 million) in 33 days, dropping from R11.63 billion ($615.63 million) on Jan. 1 to R10.94 billion ($579.33 million) at the time of writing.
Despite the recent stock dip, Saad remains a prominent investor on the Johannesburg Stock Exchange and maintains his status as one of South Africa’s leading businessmen.
