Founder of Africa’s largest pharma company Stephen Saad earns $94.68 million in 38 days

South African billionaire Stephen Saad has gained R1.37 billion ($94.68 million) in 38 days from his stake in Aspen Pharmacare Holdings Limited, as shares in the pharmaceutical group surge to record highs.

The multimillion-dollar gain from the billionaire’s stake in Aspen can be attributed to a 39-day-long surge in the group’s shares, as investors sustained buying interest in the group’s decision to expand its COVID-19 vaccine production capacity.

As of press time, 10:05 AM (UTC), Aug. 6, shares in the leading pharmacare maker were trading at R180.88 ($12.48), 2.31-percent higher than its opening price for the day.

Data retrieved from Google Finance revealed that the group’s shares had returned a double-digit gain of 44.5-percent for shareholders since the start of the year.

Aspen Pharmacare Holdings is a global specialty and branded pharmaceutical company headquartered in Durban, the third most populous city in South Africa after Johannesburg and Cape Town.

The multinational South African holding, the largest drug company in Africa, was founded by Saad in 1997.

The billionaire holds a 12.5-percent stake, which amounts to 57,151,972 ordinary shares.

Since June 29 when the group announced that it had secured a joint financing package of €600 million ($708.60 million) from the World Bank and the U.S. and German governments, its shares have increased from R156.87  ($10.82) to  R180.88 ($12.48).

This translates to a gain of 15.31 percent for shareholders.

Research conducted by Billionaires.Africa revealed that the market value of Saad’s 12.5-percent stake in Aspen Pharmacare has increased from R8.97 billion ($618.60 million) on June 29 to R10.33 billion ($713.28 million) as of press time, 10:05 AM (UTC), Aug. 6.

This translates to a gain of R1.37 billion ($94.68 million) for the billionaire in 39 days.