Aspen Pharmacare’s founders bought R110m of the company’s shares on Friday, taking advantage of a sharp sell-off since September 13. CEO Stephen Saad bought R93.9m worth of his company’s shares on the open market, while his deputy, Gus Attridge, bought stock worth R15.6m. The transactions helped Aspen’s shares gain 2.16% on Friday to close at R156.93. "We bought the shares because we believe in Aspen and what we do," Saad told Business Day. Both are significant shareholders of Aspen, with Saad holding about 12% through trusts and in his individual capacity, worth R8.6bn at Friday’s close. Attridge directly and indirectly owns about 3.4%, worth R2.4bn, according to Bloomberg data. The company’s shares have lost 42% of their value since it published annual results in September and said it would sell its nutritionals business for significantly less than the market expected. The group also paid a dividend on October 8. Investors disappointed André Bekker, an equity analyst at Arqaam Cap...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now