South African billionaire and pharmaceutical mogul Stephen Saad has seen the market value of his stake in Aspen Pharmacare decline by over $74 million in the past two weeks, due to a recent drop in the company's share price.
According to data tracked by Billionaires.Africa , Saad's stake in Aspen Pharmacare has decreased by R1.34 billion ($74.1 million) in the past two weeks, following a gain of $34.1 million between July 17 and 27 . His stake rose from R13.15 billion ($719.5 million) to R13.8 billion ($753.7 million) during that period.
Aspen shares sink by more than 9 percent, market cap slips below $6 billionDurban-based Aspen Pharmacare Holdings , founded by Stephen Saad in 1997, has expanded into a global pharmaceutical player with operations in more than 115 countries. Under Saad, the company has become a dominant force in the African pharmaceutical industry.
In recent times, Aspen Pharmacare shares on the Johannesburg Stock Exchange (JSE) have declined by 9.27 percent, falling from R251.86 ($13.97) on July 31 to R228.5 ($12.67) at the time of writing, resulting in significant losses for shareholders.
