Stephen Saads Aspen stake has fallen by more than 44 million in three weeks, cutting his holdings value to about 354.69 million.
Aspen Pharmacares market capitalization has dropped to 2.8 billion as shares slid 11 percent since late July on the Johannesburg Stock Exchange.
Investors face steep losses, with Aspens stock down 33 percent year-to-date, turning a 100,000 January investment into just 66,840.
South African billionaire Stephen Saad, chief executive of Aspen Pharmacare Holdings Ltd., has seen more than 44 million wiped off the value of his stake in the continents leading drugmaker as shares continue to tumble on the Johannesburg Stock Exchange JSE.
Stephen Saads Aspen stake loses 44 millionSaad, who co-founded Aspen in 1997, owns a 12.8-percent stake in the Durban-based company. Over the past 23 days, the market value of his holding has dropped by R782.55 million 44.1 million, leaving his stake worth about 354.69 million.
This reflects the caution spreading among investors in the global pharmaceutical sector, where weaker demand, higher borrowing costs, and challenges in emerging markets are dragging down valuations. Aspen, Africas biggest drugmaker, has felt the brunt of these pressures.