South African multimillionaire business entrepreneur Michael Guy Attridge (Gus Attridge) has seen a major increase in his fortune as the market value of his ownership in Aspen Pharmacare, Africa’s largest pharmaceutical company, exceeds $215 million. This reinforces his place as one of Africa’s wealthiest individuals.
Attridge’s recent financial success is due to a jump in the company’s shares on the Johannesburg Stock Exchange (JSE). Over the last 40 days, Aspen Pharmacare shares have risen by double digits, increasing the market value of Attridge’s holding in the continent’s largest pharmaceutical company to R447.12 million ($25.12 million).
This represents a significant turnaround for Attridge, who had earlier seen a significant drop in his stake in Aspen. Between January 1 and 26, his stake’s market value dropped from R3.87 billion ($206.17 million) to R3.72 billion ($197.89 million), resulting in $8 million in paper losses.
Aspen Pharmacare Holdings, formed 25 years ago by Attridge and leading pharmaceutical mogul Stephen Saad, has grown to become Africa’s largest pharmaceutical company through aggressive merger and expansion initiatives.
With large manufacturing facilities in South Africa, Germany, France, and the Netherlands, Aspen Pharmacare has established its dominance in the pharmaceutical sector.
Aspen’s share price increased by 13.19% from R190.17 ($10.012) on Feb. 12 to R215.25 ($11.332), bringing its market value above $5 billion and generating significant gains to shareholders, including Saad and Gus Attridge.
Attridge, Aspen’s group chief advisor and a JSE heavyweight, maintains a 4.26-percent interest in the pharmaceutical firm, equal to 19,024,134 ordinary shares. The stock, now $215.5 million, has witnessed a significant gain in market value as a result of Aspen’s recent ascent.
The recent jump in Aspen shares increased the market value of Attridge’s ownership by R447.12 million ($25.12 million), rising from R3.62 billion ($190.46 million) on February 12 to R4.09 billion ($215.58 million).
The increase of Aspen Pharmacare shares not only reinforces Attridge’s position as a wealthy South African businessman and major JSE investor, but also demonstrates his expanding stature as one of Africa’s wealthiest individuals and a key figure in the worldwide pharmaceutical industry.
