South African billionaire Stephen Saad loses $74 million in Aspen stake

Feyisayo Ajayi -

Key Points

  • South African pharma giant Aspen’s share price tumble wipes over $74 million off Stephen Saad’s stake in just two weeks.
  • The company’s stock price falls over 9% on the Johannesburg Stock Exchange, pushing its market cap below $6 billion.
  • Despite the recent decline, Aspen stock is still up 11.27% for the year, indicating significant gains for shareholders.

South African billionaire and pharmaceutical mogul Stephen Saad has seen the market value of his stake in Aspen Pharmacare decline by over $74 million in the past two weeks, due to a recent drop in the company’s share price.

According to data tracked by Billionaires.Africa, Saad’s stake in Aspen Pharmacare has decreased by R1.34 billion ($74.1 million) in the past two weeks, following a gain of $34.1 million between July 17 and 27. His stake rose from R13.15 billion ($719.5 million) to R13.8 billion ($753.7 million) during that period.

Aspen shares sink by more than 9 percent, market cap slips below $6 billion

Durban-based Aspen Pharmacare Holdings, founded by Stephen Saad in 1997, has expanded into a global pharmaceutical player with operations in more than 115 countries. Under Saad, the company has become a dominant force in the African pharmaceutical industry.

In recent times, Aspen Pharmacare shares on the Johannesburg Stock Exchange (JSE) have declined by 9.27 percent, falling from R251.86 ($13.97) on July 31 to R228.5 ($12.67) at the time of writing, resulting in significant losses for shareholders.

Stephen Saad’s Aspen stake loses $74 million in 14 days

As CEO of Aspen Pharmacare, Stephen Saad holds a substantial 12.8 percent stake in the company, equivalent to 57,185,888 ordinary shares. This positions him among South Africa’s richest businessmen and also among the richest investors on the JSE.

The recent downturn in Aspen share price has caused the market value of Saad’s stake to decline by R1.34 billion ($74.1 million) in two weeks, from R14.4 billion ($798.9 million) on July 31 to R13.1 billion ($724.8 million).

Your Money and Your Life

Despite this setback, Aspen Pharmacare Holdings’ stock has delivered strong year-to-date returns, with shares up 11.27%. A $100,000 investment in Aspen at the start of the year would now be worth $111,270, yielding a profit of $11,270.