South African billionaire Stephen Saad suffers over $100-million loss in just 72 days

South African billionaire and pharmaceutical tycoon, Stephen Saad’s stake in Durban-based pharmaceutical company Aspen Pharmacare Holdings has dropped by more than $100 million recently as investors booked profits in the pharmaceutical company.

According to data tracked by Billionaires.Africa, Saad, a leading pharma tycoon who ranks as one of Africa’s billionaires, has seen the market value of his stake in Aspen slump by R2.08 billion ($108.39 million) in the past 72 days.

Aspen, a global specialty and branded pharmaceutical industry leader, has a strong presence in the pharmaceutical sector spanning over two decades, improving patients’ health in over 115 countries.

Saad, who founded the leading group in 1997, owns a 12.5-percent stake, which amounts to 57,151,972 ordinary shares in the branded pharmaceutical holding company. The stake, which is presently worth more than $480 million, makes him one of Africa’s richest people.

Since Aug. 10, exactly 72 days ago, Aspen shares on the Johannesburg Stock Exchange have decreased by 18.21 percent, falling from R199.44 ($10.435) on August 10 to R163.12 ($8.533) at the time of writing, thus leading to losses amounting to millions of dollars for its shareholders, including the affluent Saad.

As a result of the double-digit percent slump in the group’s share price, the market value of the stake held by Saad has slumped by R2.08 billion ($108.39 million) in just 72 days, from R11.40 billion ($595.20 million) on Aug. 10 to R9.32 billion ($486.81 million) at the time of writing.

Despite the recent decline in the company’s shares, Saad maintains his position as one of the affluent billionaires in South Africa but also one of the renowned investors on the Johannesburg Stock Exchange.