South African billionaire Stephen Bradley Saad has seen his stake in Aspen Pharmacare Holdings rise in value by $168.9 million (R2.3 billion) since the start of the year.
Aspen is a global specialty and branded multinational pharmaceutical company with an operational presence in emerging and developed markets.
Saad is the founder and CEO of the South Africa-based company.
The leading individual shareholder in Aspen, Saad has an ownership stake of 12.5 percent. His shareholding accounts for 57,151,972 issued ordinary shares and is valued at $693 million (R9.5 billion).
Aspen’s share price on the Johannesburg Stock Exchange (JSE) has surged since Q4 2020 amid expectations that the company will expand its manufacturing capabilities to improve access to vaccines across Africa.
This bullish sentiment triggered buying pressures in its shares on the JSE, leading to the recent gains.
Aspen plays a significant role in the South African medical market. The company is the largest drug company in Africa and a leading employer, with 9,800 employees at 71 established offices in more than 50 countries.
The company offers affordable high-quality products with the aim of improving patient health and wellness in over 150 countries.
Since the year began, shares in the drugmaker have surged by more than 30 percent, rising from $9.17 (R125.37) to $12.12 (R165.78) per share between Dec. 31, 2020 and June 4, 2021.
Amid the soaring share price, the market value of Saad’s stake in Aspen has increased from $524.04 million (R7.2 billion) to $692 million (R9.5 billion) in about 155 days.
This translates to a $168.9-million (R2.3 billion) growth and an average gain of about $1.1 million (R15 million) per day since 2021.
Stephen Saad
Saad became a millionaire at the age of 29 and is credited with turning around Aspen and growing it into an African leader and a global name in the healthcare industry.
According to Forbes, the billionaire, who derives the majority of his wealth from his stake in Aspen, had a net worth of about $1.2 billion in 2018.
He subsequently dropped off the list in 2019 when Aspen’s shares dipped to a record low price of $4.30 (R60) per share.
