Stephen Saad, a South African billionaire and pharmaceutical entrepreneur, has lost $28 million on his shareholding in Durban-based pharmaceutical company Aspen Pharmacare. The drop is attributed to the company’s recent share price decline.
Saad’s investment has plummeted by R516.08 million ($28.01 million) in the last seven days. This follows a $32.2 million gain between April 23 and May 1, when his shareholding rose from R12.22 billion ($654.18 million) to R12.82 billion ($686.41 million).
Aspen Pharmacare, a leader in the specialized and branded pharmaceutical industries for over two decades, has seen its stock rise in recent weeks, indicating solid financial performance and restored investor confidence.
However, Aspen’s shares on the Johannesburg Stock Exchange (JSE) have fallen by 3.84 percent, from R235.35 ($12.77) on May 20 to R226.32 ($12.28) as of the time of writing. This reduction has reduced the company’s market capitalization below $5.5 billion, resulting in severe losses for shareholders, including Saad.
Saad, the creator of Aspen Pharmacare, holds 12.8% of the branded pharmaceutical holding company, or 57,185,888 ordinary shares. This investment, worth about $701 million, makes him one of Africa’s wealthiest individuals.
Saad’s shareholding in Aspen has decreased by R516.08 million ($28.01 million) in the last seven days, from R13.45 billion ($729.95 million) on May 20 to R12.93 billion ($701.94 million) as of this report.
Despite the recent market decline, Stephen Saad remains a significant investor on the JSE. South African company shares, such as Aspen, have provided investors with remarkable year-to-date returns.
Aspen’s stock price has risen more than 12% year to date, indicating positive investor sentiment. A $100,000 investment in Aspen at the start of the year would now be worth $113,284, representing a profit of $12,549.
