South African billionaire Stephen Saad suffers $28-million loss in 10 days

South African billionaire and pharmaceutical tycoon, Stephen Saad’s stake in Durban-based pharmaceutical company Aspen Pharmacare Holdings has declined by more than $28 million recently as investors locked in profits from 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 R526.94 million ($28.23 million) in the past 10 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 Nov. 3, exactly 10 days ago, Aspen shares on the Johannesburg Stock Exchange have declined by 5.11 percent, falling from R180.50 ($9.644) on Nov. 3 to R171.28 ($9.151) 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 sinlge-digit percent slump in the group’s share price, the market value of the stake held by Saad has slumped by R526.94 million ($28.23 million) in just 10 days, from R10.32 billion ($552.60 million) on Aug. 10 to R9.79 billion ($524.37 million) at the time of writing.

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