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Eric Ellerine, a prominent figure in South Africa’s business landscape and the founder of furniture retail company Ellerines, has experienced substantial losses amounting to millions of dollars from his stake in Sandton-based investment holding company Sabvest Capital.
According to data tracked by Billionaires.Africa, Eric Ellerine, who derives the majority of his fortune from various investments in publicly listed companies, properties, and private equity, has experienced a decline of $2.9 million in the market value of his stake in Sabvest Capital since the start of the year.
Sabvest Capital, with its headquarters in Sandton, engages in diverse investment activities, including finance advances and holding listed debt, equity, and cash portfolios. The company has substantial interests in nine unlisted companies and maintains long-term direct and indirect holdings in six listed firms, equity funds, and offshore bond portfolios.
Ellerine owns a 9.52-percent stake in Sabvest Capital, ranking him as the second-largest shareholder in the investment holding company. South African businessman and corporate executive Christopher Seabrooke is the largest shareholder with a significant 40.61-percent stake.
The investment holding company’s share price has seen a decline of more than 11.5 percent since the start of the year, falling from R83.6 ($4.91) on Jan. 1 to R73.99 ($4.13) as of July 21. The downturn has resulted in considerable losses for its shareholders, including Christopher Seabrooke and Ellerine.
The recent slump in Sabvest Capital’s share price has led to a R36.06 million ($2.93 million) decrease in the market value of Ellerine’s stake. His investment, which was valued at R313.71 million ($18.43 million) at the start of the year, has now dwindled to R277.65 million ($15.5 million) at the time of writing.
Despite this setback, Ellerine remains one of the wealthiest investors on the Johannesburg Stock Exchange and a prominent businessman in the country.
