South African billionaire and pharmaceutical tycoon Stephen Saad’s stake in Aspen Pharmacare has surged above $620 million, buoyed by a sharp rise in the company’s share price on the Johannesburg Stock Exchange (JSE).
According to data compiled by Billionaires.Africa, the market value of Saad’s stake in Aspen has increased by R997.3 million ($52.4 million) to R11.87 billion ($623.64 million). This spike is attributed to the increasing interest of local bourse investors in the Durban-based pharmaceutical giant.
Aspen’s stock rise propels Stephen Saad to new heights on Johannesburg Stock Exchange
As a global leader in the specialty and branded pharmaceutical industry for over two decades, Aspen Pharmacare has solidified its presence in the sector, contributing to improved healthcare in more than 115 countries.
The recent uptick in Aspen shares, marking a 9.18-percent increase since Feb. 12, has significantly benefited shareholders, with Saad being a notable gainer. The company’s shares have risen from R190.17 ($9.99) to R207.62 ($10.91), consolidating Stephen Saad’s position as one of the wealthiest investors on the JSE.
Saad’s stake surges to $620 million, reinforcing his position as a top force in South Africa’s business landscape
Saad, who founded the group in 1997, presently holds a 12.5-percent stake, equivalent to 57,151,972 ordinary shares in the branded pharmaceutical holding company. With this stake valued at more than $620 million, he stands as one of Africa’s wealthiest individuals.
The recent single-digit percent increase in Aspen’s share price has propelled the market value of Saad’s stake from R10.87 billion ($571.2 million) on Feb. 12 to R11.87 billion ($623.6 million) at the time of drafting this report.
This surge in Saad’s stake further solidifies his standing as a key figure in South Africa’s business landscape, positioning him among the top investors on the JSE. This highlights his effective leadership and management skills, consolidating his influence in the business arena.
