in ,

South African Billionaire Stephen Saad’s Fortune Plunges by $36 Million in a Month

Stephen Saad, a South African billionaire and pharmaceutical entrepreneur, has lost $36 million on his shareholding in Durban-based pharmaceutical company Aspen Pharmacare. The drop is due to the recent downturn in the company’s shares.

According to data maintained by Billionaires.Africa, Saad, a major pharma magnate who ranks as one of Africa’s leading pharmaceutical tycoons, has seen the market value of his investment in Aspen decrease by R685.82 million ($36.30 million) during the past 33 days.

Aspen Pharmacare, a global leader in the specialty and branded pharmaceutical industries, has been enhancing patients’ health in more than 115 countries for over 20 years.

Year to date, Aspen shares on the Johannesburg Stock Exchange have fallen by 5.9 percent, from R203.50 ($10.77) on January 1 to R191.50 ($10.13) at the time of this report. This reduction has reduced the company’s market capitalization to below $4.6 billion, resulting in severe losses for shareholders, including Saad.

Saad, the creator of Aspen Pharmacare, holds 12.5% of the branded pharmaceutical holding company, or 57,151,972 ordinary shares. This investment, at about $580 million, puts him among Africa’s wealthiest individuals.

Because of the group’s share price reduction, the market value of Saad’s investment in Aspen Phamacare fell by R685.82 million ($36.33 million) in 33 days, from R11.63 billion ($615.63 million) on Jan. 1 to R10.94 billion ($579.33 million) as of writing.

Despite the recent price drop, Saad is a significant investor on the Johannesburg price Exchange and one of South Africa’s top businesses.

Leave a Reply

Your email address will not be published. Required fields are marked *

SA’s President Ramaphosa Celebrates Tyla’s Historic Grammy Win

South African Billionaire Neal Froneman’s Fortune Drops by $1 Million in a Month