South African billionaire and pharmaceutical tycoon Stephen Saad has seen his wealth increase by more than $32 million due to a recent uptick in the market value of his stake in the company. This strengthens his position as one of Africa’s wealthiest individuals.
According to data tracked by Billionaires.Africa, Saad who is the founder and CEO of Aspen Pharmacare, has gained R601.81 million ($32.23 million) over the past eight days from his stake in the leading pharmaceutical group fueled by a recent surge in the company’s shares on the Johannesburg Stock Exchange (JSE).
This surge follows a previous increase of $21.1 million between March 25 and April 11, which propelled Saad’s stake in Aspen from R12.29 billion ($656.80 million) to R12.68 billion ($677.85 million).
Aspen soars on strong performance, obesity drug focus
Aspen Pharmacare, a leading player in the specialty and branded pharmaceutical industry for over two decades, has seen its shares climb in recent weeks, reflecting strong financial performance and renewed investor confidence.
The company was highlighted in a recent Bloomberg interview as a key player positioned to address the global shortage of obesity medications, underlining its strategic importance within the pharmaceutical sector.
Aspen’s stock on the JSE has gained 4.93 percent, rising from R213.74 ($11.460) on April 23 to R224.27 ($12.025) on May 1. This solidifies Aspen’s position as one of the JSE’s most valuable stocks, boasting a market capitalization of $5.36 billion and delivering strong returns for shareholders.
Aspen founder Saad sees stake surge
Saad, founder of the branded pharmaceutical holding company in 1997, presently holds a 12.8-percent stake, representing 57,151,972 ordinary shares. This stake is valued at nearly $690 million, making him one of Africa’s wealthiest individuals.
The recent surge in Aspen shares has propelled the market value of Saad’s stake to increase by R601.81 million (32.23 million) in recent times, from R12.22 billion ($654.18 million) on Apr. 23 to R12.82 billion ($686.41 million).
This increase underscores Saad’s significant influence in South Africa’s business landscape, elevating him among the top investors on the JSE and highlighting his adept leadership and management prowess, which further cements his authority in the business sphere.
