South African multimillionaire business executive Michael Guy Attridge (Gus Attridge) has recorded a significant surge in his fortune as the market value of his stake in Aspen Pharmacare, Africa’s largest pharmaceutical company, surpasses $215 million. This solidifies his position among the wealthiest individuals on the African continent.
Attridge’s recent financial triumph is attributed to the recent surge in the company’s shares on the Johannesburg Stock Exchange (JSE). Over the past 40 days, shares in Aspen Pharmacare soared by double digits, propelling the market value of Attridge’s stake in the continent’s biggest pharmaceutical company by R447.12 million ($25.12 million).
This marks a substantial recovery for Attridge, who had previously recorded a notable decline in his stake in Aspen. Between Jan. 1 and 26, he experienced paper losses totaling $8 million as the market value of his stake decreased from R3.87 billion ($206.17 million) to R3.72 billion ($197.89 million).
Aspen Pharmacare stock jumps 13 percent, pushing market cap above $5 billion
Aspen Pharmacare Holdings, co-founded 25 years ago by Attridge and leading pharma tycoon Stephen Saad, has become the largest pharmaceutical company in Africa through aggressive mergers and expansion efforts.
With major manufacturing sites across the globe, including South Africa, Germany, France, and the Netherlands, Aspen Pharmacare has cemented its dominance in the pharmaceutical industry.
The recent surge in Aspen shares on the JSE, rising by 13.19 percent from R190.17 ($10.012) on Feb. 12 to R215.25 ($11.332), has propelled its market capitalization above $5 billion, delivering substantial returns to its shareholders, including Saad and Gus Attridge.
Aspen’s surge boosts Attridge’s stake by $25 million, cementing his status as a leading JSE investor
Attridge, Aspen’s group chief advisor and a JSE heavyweight, holds a 4.26-percent stake in the pharmaceutical group, amounting to 19,024,134 ordinary shares. The stake, valued at $215.5 million, has seen a notable increase in market value on the back of Aspen’s recent surge.
According to data tracked by Billionaires.Africa, the recent surge in Aspen shares has bolstered the market value of Attridge’s stake by R447.12 million ($25.12 million), climbing from R3.62 billion ($190.46 million) on Feb. 12 to R4.09 billion ($215.58 million).
The surge in Aspen Pharmacare shares not only strengthens Attridge’s position as a wealthy South African business figure and leading JSE investor, but also highlights his growing status as one of Africa’s wealthiest individuals and a key figure in the global pharmaceutical industry.
