Stephen Saad, a South African billionaire and pharmaceutical entrepreneur, has gained $49 million in just 17 days due to a rise in the market value of his investment in Aspen Pharmacare.
Saad’s investment in Aspen Pharmacare has increased by R937.29 million ($49.31 million) during the last 17 days. This is due to a recent surge in the company’s shares on the Johannesburg Stock Exchange (JSE).
Aspen Pharmacare, a global specialty and branded pharmaceutical industry leader based in Durban, has been enhancing patients’ health in over 115 countries for the past two decades.
Saad, who created the company in 1997 and still serves as CEO, owns 12.5% of the branded pharmaceutical holding company, or 57,151,972 ordinary shares. With this investment worth more than $620 million, he is among Africa’s wealthiest people.
Aspen shares on the JSE have increased by 8.26% in the last 17 days, from R198.61 ($10.45) on March 5 to R215.01 ($11.31). The increase strengthens Aspen’s position as one of the JSE’s most valuable firms, with a market capitalization of $5.05 billion and strong shareholder returns.
The recent single-digit percentage surge in Aspen shares increased the market value of Saad’s investment by R937.29 million ($49.31 million), from R11.35 billion ($597.21 million) on March 5 to R12.29 billion ($646.52 million).
This gain strengthens Saad’s standing in the South African economic sector, putting him among the top investors on the JSE. It emphasizes his competent leadership and managerial qualities, increasing his prominence in the economic world.
