Table of Contents
Key Points
- Aspen Pharmacare’s stock drop has cut multimillionaire Gus Attridge’s stake by over $12 million, reflecting continued losses on the JSE.
- Aspen’s share price fell 6.4% in recent weeks, dragging its market capitalization below $4.1 billion and reducing shareholder value.
- With 19.19 million shares, Attridge’s Aspen stake has declined to R3.24 billion ($175.82 million), highlighting the volatility in the pharmaceutical sector.
South African multimillionaire Gus Attridge has taken another financial hit as the value of his stake in Aspen Pharmacare Holdings, Africa’s largest pharma company, continues to slide on the Johannesburg Stock Exchange (JSE), losing more than $12 million in recent times.
Aspen’s stock slide cuts Attridge’s stake
Attridge, Aspen’s group chief advisor and one of South Africa’s wealthiest businessmen, holds a 4.3-percent stake in the pharmaceutical company. His 19,188,850 shares are now valued at R3.24 billion ($175.82 million), reflecting the latest decline in Aspen’s stock price.
This drop adds to the losses Attridge has already faced this year. Between Jan. 6 and Jan. 15, the value of his stake fell by $9.28 million, slipping from R3.33 billion ($177.09 million) to R3.15 billion ($167.82 million).
Aspen’s stock falls, market cap slips below $4.1 billion
Founded 25 years ago by Attridge and Stephen Saad, Aspen Pharmacare has grown into a major pharmaceutical company with manufacturing operations in South Africa, Germany, France, and the Netherlands. The company has expanded its reach through acquisitions and steady growth, securing its place in the global market.
Lately, Aspen’s stock has taken a hit, dropping 6.4 percent from R180.56 ($9.79) on Jan. 30 to R169 ($9.16) at the time of this report. This decline has pushed its market capitalization below $4.1 billion, cutting into the value of shareholders’ stakes.
Gus Attridge’s stake drops by $12 million
One of those affected is Gus Attridge, whose stake in the pharmaceutical giant has fallen by R221.82 million ($12.03 million), dropping from R3.46 billion ($187.84 million) to R3.24 billion ($175.82 million).
Even with these losses, Aspen remains a key player in the pharmaceutical industry. But the recent stock slump underscores the sector’s volatility and raises concerns about the company’s ability to stay ahead in an increasingly competitive market.
