South African pharma tycoon Stephen Saad, chief executive of Aspen Pharmacare Holdings Ltd., has seen more than 18 million wiped off the value of his stake in the continents largest drugmaker as shares continue to fall on the Johannesburg Stock Exchange JSE.
Saads 12.8 percent Aspen stake slides
Saad, who co-founded Aspen in 1997, owns a 12.8-percent stake in the Durban-based pharmaceutical group. Over the past 16 days, his stake has declined by R322.16 million 18.59 million, leaving his stake now valued at R5.59 billion 322.63 million.