In a routine move echoing his retirement from the group, South African business magnate Ivan Saltzman has divested shares worth R1.42 billion ($75.15 million) in the renowned retail pharmacy chain and healthcare group, Dis-Chem Pharmacies.
According to a recently published market update, Saltzman, recognized as one of South Africa’s wealthiest individuals, offloaded a substantial 50 million shares in Dis-Chem Pharmacies at a rate of R28.5 ($1.51) per share.
The off-market transaction, facilitated through his company Ivlyn Local Investment Holdings Proprietary Limited, was executed on Jan. 26, valuing the sold shares at R1.425 billion ($75.15 million). The sell-off, a routine measure to trim his stakes in the leading group, follows Saltzman’s decision to step down as the CEO in June 2023.
Strategic shift: Saltzman’s stake in Dis-Chem drops to 29.3 percent amid recent transaction
The recent transaction has diminished Saltzman’s stake from 35.12 percent, equivalent to 302,066,319 shares at the beginning of the year, to 29.3 percent, representing 252,066,319 shares at the time of this report. Despite the decrease in market value, Ivan Saltzman remains the primary shareholder in Dis-Chem Pharmacies.
Ivan Saltzman, alongside his wife Lynette, co-founded Dis-Chem in 1978 and played a pivotal role in its impressive 45-year journey. The healthcare group has flourished under the Saltmans’ leadership, becoming one of South Africa’s largest retail pharmacy chains with over 300 stores and a workforce exceeding 20,000.
Dis-Chem’s prime real estate assets, including corporate HQ, acquired in $25.5 million transaction
In a separate development, the Saltzman family, together with other directors and prescribed officers of Dis-Chem Pharmacies, recently finalized the sale of the company’s head office and Midrand distribution center to Dis-Chem in a $25.5-million deal.
The acquisition encompasses prime real estate assets, including Erf 848 Halfway House Ext 119 and Erf 592-593 Halfway House Ext 81, located at 23 Stag Road, Glen Austin, Midrand. These properties, serving as Dis-Chem’s distribution hub and corporate headquarters, were divested by the founders and key stakeholders in the company.
