South African billionaire Stephen Saad loses $28 million in one week

Mfonobong Nsehe -

Key Points:

  • Stephen Saad’s Aspen Pharmacare stake drops $28 million after a 3.84% share price dip on the Johannesburg Stock Exchange.
  • Aspen Pharmacare’s market cap falls below $5.5 billion as shares decline from $12.77 to $12.28 in a week.
  • Saad’s Aspen stake, now worth over $701 million, still reflects a strong year-to-date return of over 12% for investors.

South African billionaire and pharmaceutical mogul Stephen Saad has experienced a $28-million decline in his stake in Durban-based pharmaceutical company Aspen Pharmacare. The dip is linked to the recent pullback in the company’s share price.

According to data tracked by Billionaires.Africa, Saad’s stake has dropped by R516.08 million ($28.01 million) over the past seven days. This follows a gain of $32.2 million recorded between April 23 and May 1, when his stake increased from R12.22 billion ($654.18 million) to R12.82 billion ($686.41 million).

Aspen Pharmacare shares slide 3.84 percent

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.

However, Aspen shares on the Johannesburg Stock Exchange (JSE) have declined by 3.84 percent, falling from R235.35 ($12.77) on May 20 to R226.32 ($12.28) at the time of drafting this report. This decrease has pushed the company’s market capitalization below $5.5 billion, resulting in significant losses for shareholders, including Saad.

Stephen Saad’s stake is now worth $701 million

Saad, the founder of Aspen Pharmacare, owns 12.8 percent of the branded pharmaceutical holding company, which equals 57,185,888 ordinary shares. This stake, valued at over $701  million, places him among Africa’s wealthiest individuals.

The decline in Aspen’s share price has caused the market value of Saad’s stake to fall by R516.08 million ($28.01 million) over the past seven days, dropping from R13.45 billion ($729.95 million) on May 20 to R12.93 billion ($701.94 million) at the time of drafting this report.

Your Money and Your Life

Despite the recent stock dip, Stephen Saad remains a prominent investor on the JSE. Shares of South African companies, like Aspen, have delivered impressive returns to investors year-to-date.

Aspen’s share price has surged over 12 percent year-to-date, reflecting strong investor sentiment. A $100,000 investment in Aspen at the beginning of the year would now be worth $113,284, for a profit of $12,549.