South African billionaire Stephen Saad loses $37.8 million in Aspen investment

Timilehin Adejumobi -

Key Point

  • South African billionaire Stephen Saad sees Aspen Pharmacare stake drop by $37.85 million amid JSE rally.
  • Aspen’s market cap slips below $6 billion as Saad’s stake loses value, down from $779 million to $741 million.
  • Despite recent declines, Aspen shares yield a 15.48% YTD gain on JSE, rewarding investors with significant profits.

South African billionaire and pharmaceutical mogul, Stephen Saad, has experienced a significant decline in the market value of his stake in Aspen Pharmacare, following a recent rally on the Johannesburg Stock Exchange (JSE).

According to data tracked by Billionaires.Africa Saad’s stake in Aspen has slumped by R686.23 million ($37.85 million) over the last 22 days, as investors continue to reduce their stakes in the leading pharmaceutical company. 

This recent decline follows a gain of $72.7 million recorded between June 14 and 19, when Saad’s stake rose sharply from R12.58 billion ($698.2 million) to R13.89 billion ($770.9 million).

Stephen Saad’s Aspen shares worth $741 million

Aspen Pharmacare, headquartered in Durban and renowned for its global presence in the pharmaceutical industry, has grown under its founder, Stephen Saad, to become a cornerstone of South Africa’s pharmaceutical sector, operating in over 115 countries. 

Stephen Saad, the CEO of Aspen Pharmacare, holds a substantial 12.8 percent stake comprising 57,185,888 shares of the branded pharmaceutical holding company. The equity interest is currently valued at $741 million.

Aspen shares slip 4.86%, market cap dips

Despite the recent stock slump, Stephen Saad remains a prominent investor on the JSE, and Aspen shares remain among the many stocks of South African companies that have delivered substantial gains to investors since the start of the year.

Year-to-date, Aspen shares on the JSE have returned a significant 15.48 percent gain to investors, driven by stock price rebound. A $100,000 investment in the company’s shares in 2024 would now be worth $115,480, reflecting a profit of $15,480.