Aspen’s 20-percent stock decline costs South African tycoon Stephen Saad nearly $160 million
Saad's wealth drops by nearly $160 million after Aspen Pharmacare's shares tumble 20.17 percent over the past 25 days on the JSE.
Saad's wealth drops by nearly $160 million after Aspen Pharmacare's shares tumble 20.17 percent over the past 25 days on the JSE.
This follows a gain of $32.2 million recorded between April 23 and May 1, when his stake increased from $654.18 million to $686.41 million.
This follows a $12 million gain recorded between April 23 and May 3, when his stake rose from R4.07 billion ($219.65 million) to R4.29 billion ($231.65 million).
Attridge, Aspen’s group chief advisor, and a JSE heavyweight, holds a 4.3-percent stake in the pharmaceutical company, amounting to 19,033,829 ordinary shares.
Aspen, Africa’s largest drugmaker, is actively exploring ways to ramp up the availability of these in-demand treatments worldwide.
The latest bump in his fortune comes on the heels of previous gains between Feb. 12 and March 24, when his stake in Aspen grew by R447.12 million ($25.12 million).
This rise in Saad’s stake underscores his pivotal role in South Africa’s business landscape, placing him among the top investors on the JSE.
Aspen anticipates a robust second half of 2024, supported by the launch of sterile manufacturing contracts and continued growth in its active pharmaceutical ingredients (API) business.
Attridge’s recent financial triumph is attributed to the recent surge in Aspen Pharmacare’s shares on the Johannesburg Stock Exchange (JSE).
This increase cements Saad’s position in the South African business scene, placing him among the leading investors on the JSE.
According to data compiled by Billionaires.Africa, the market value of Saad’s stake in Aspen has increased by $52.4 million to $623.6 million.
Attridge, Aspen’s group chief advisor who ranks as one of South Africa’s richest businessmen, owns a 4.26-percent stake in the pharmaceutical holding company.
Attridge, Aspen’s group chief advisor who ranks as one of JSE’s richest investors, owns a 4.26-percent stake in the pharma group.