South African pharmaceutical tycoon Gus Attridge , co-founder of Aspen Pharmacare Holdings, has seen another steep setback as the selloff in drug stocks continues. In just the past three weeks, the value of his stake in Aspen has dropped by 15.8 million, reflecting growing investor unease around South Africas biggest drugmaker.
Attridge holds a 4.3 percent stake in Aspen, equal to 19,188,850 shares. Over the last 21 days, the market value of his holdings fell by R279.2 million 15.85 million after Aspens share price slid 12.51 percent on the Johannesburg Stock Exchange. This comes on the heels of earlier losses between July 29 and Aug. 10, when his stake shed another 12.03 million, falling from R3.46 billion 187.84 million to R3.24 billion 175.82 million.
Aspens market value under pressure