Stephen Saad, a South African billionaire and pharmaceutical entrepreneur, has seen the market value of his interest in Aspen Pharmacare fall by over $74 million in the last two weeks as a result of the company’s recent share price decrease.
Saad’s interest in Aspen Pharmacare has dropped by R1.34 billion ($74.1 million) in the last two weeks, following a $34.1 million gain from July 17 to July 27. His stake increased from R13.15 billion ($719.5 million) to R13.8 billion ($753.7 million) over that time period.
Aspen Pharmacare Holdings, founded in 1997 by Stephen Saad in Durban, is now a multinational pharmaceutical company operating in over 115 countries. Under Saad’s leadership, the company has grown into a major player in the African pharmaceutical market.
Aspen Pharmacare’s shares on the Johannesburg Stock Exchange (JSE) have fallen by 9.27%, from R251.86 ($13.97) on July 31 to R228.5 ($12.67) at the time of writing, resulting in considerable losses for owners.
As CEO of Aspen Pharmacare, Stephen Saad owns a significant 12.8 percent ownership in the company, which equates to 57,185,888 ordinary shares. This places him among South Africa’s richest businessmen and investors on the JSE.
The recent reduction in Aspen share price has caused the market value of Saad’s shareholding to fall by R1.34 billion ($74.1 million) in two weeks, from R14.4 billion ($798.9 million) on July 31 to R13.1 billion ($724.8 million).
Despite this setback, Aspen Pharmacare Holdings’ stock has achieved outstanding year-to-date results, rising 11.27%. A $100,000 investment in Aspen at the beginning of the year is now worth $111,270, producing a profit of $11,270.