South African tycoon Gus Attridge loses $15.73 Million as Aspen stake sinks

Key Points

• Aspen Pharmacare’s stock decline has erased $15.73 million from co-founder Gus Attridge’s stake, bringing his holdings down to $178.12 million.
• Aspen Pharmacare’s stock price has fallen from R183.24 to R168.37, pushing its market capitalization below $4.2 billion and deepening investor concerns.
• Despite recent losses, Aspen’s stock remains up 2.14% year-to-date, showing resilience amid market volatility.

South African businessman Gus Attridge has taken another financial hit as shares of Aspen Pharmacare Holdings, Africa’s largest pharmaceutical company, continue to slide on the Johannesburg Stock Exchange (JSE). The latest decline has wiped out more than $15 million from his stake.

Attridge, co-founder and group chief advisor of Aspen Pharmacare, holds a 4.3-percent stake in the company. His 19,188,850 shares are now worth R3.23 billion ($178.12 million), marking a sharp R285.34 million ($15.73 million) drop amid the latest slide in Aspen’s stock price.

This decline adds to the losses Attridge suffered earlier this year. Between Jan. 30 and Feb. 11, his stake fell by $12.03 million, dropping from R3.46 billion ($187.84 million) to R3.24 billion ($175.82 million).

Aspen’s stock slump hits market cap

Founded 25 years ago by Attridge and Stephen Saad, Aspen Pharmacare has transformed into a leading pharmaceutical powerhouse, boasting extensive manufacturing operations in South Africa, Germany, France, and the Netherlands. Through strategic acquisitions and organic expansion, Aspen has solidified its status in the global market, yet faces significant headwinds.

In the past 16 days, Aspen’s share price has fallen 8.12%, slipping from R183.24 ($10.10) on March 12 to R168.37 ($9.28). This slump has pushed the company’s market capitalization below $4.2 billion, deepening investor concerns and adding to Attridge’s financial losses.

Aspen Pharmacare’s stock slump has dealt a heavy blow to its investors, including co-founder Gus Attridge. Since Mar.12, his stake has fallen from R3.52 billion ($193.85 million) to R3.23 billion ($178.12 million), wiping out R285.34 million ($15.73 million) on paper. 

Aspen holds steady despite market fluctuations

While the stock’s decline has shaken some investors, Aspen has managed to hold its ground. Since the start of the year, its shares have gained 2.14 percent, showing that investor confidence hasn’t wavered completely.

For those who stayed invested, the gains add up. A $100,000 investment in Aspen stock on January 1 would now be worth $102,140, a modest but notable profit. The company’s diversified operations and strong market presence continue to support its long-term growth.