Stephen Saad, the South African billionaire and pharmaceutical tycoon, has solidified his standing as one of Africa’s wealthiest individuals, accumulating gains totaling $49 million in just 17 days from the recent increase in the market value of his stake in Aspen Pharmacare.
According to market data tracked by Billionaires.Africa, Saad’s stake in Aspen Pharmacare has gained R937.29 million ($49.31 million) over the past 17 days. This is credited to the recent increase in the company’s shares on the Johannesburg Stock Exchange (JSE).
Aspen Pharmacare up eight percent, Stephen Saad’s stake worth over $620 million
Aspen Pharmacare, a Durban-based 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.
Saad, who founded the company in 1997 and presently serves as its CEO, holds a 12.5-percent stake, amounting to 57,151,972 ordinary shares in the branded pharmaceutical holding company. With this stake valued at more than $620 million, he ranks among Africa’s wealthiest individuals.
Aspen shares on the JSE have gained 8.26 percent in the past 17 days, climbing from R198.61 ($10.45) on March 5 to R215.01 ($11.31). The surge solidifies Aspen’s position as one of the JSE’s most valuable stocks, with a market capitalization of $5.05 billion and strong returns for shareholders.
Aspen stock rise adds nearly $50 million to Stephen Saad’s net worth
The recent single-digit percentage rise in Aspen shares has caused the market value of Saad’s stake to rise by R937.29 million ($49.31 million), from R11.35 billion ($597.21 million) on March 5 to R12.29 billion ($646.52 million).
This increase cements Saad’s position in the South African business scene, placing him among the leading investors on the JSE. It underscores his adept leadership and managerial abilities, bolstering his influence in the business sphere.