Generational wealth: Dis-Chem founder gifts sons nearly R7 billion in shares
Dis-Chem founder Ivan Saltzman has taken gifting to a new level as he prepares the next generation of the family to become significant shareholders in the pharmacy group.
Accelerating his succession plan, he has handed over 217 shares in the pharmacy to his two sons, Dan and Mark Saltzman. By the end of trading on 19 June, the shares were worth R6.8 billion.
The 217 shares gifted to the sons were previously held by Ivlyn Local Investment Holdings (Ivlyn), also founded by Ivan and his wife, Lynette Saltzman. The shares are equivalent to approximately a 25% stake in Dis-Chem.
New era for Dis-Chem
The news was announced on Friday by the group, which is worth R27 billion. 'Ivan Saltzman is in the process of restructuring his interest in the Dis-Chem share portfolio, which is held through Ivlyn Local Investment Holdings Proprietary Limited.
'This restructuring involves the distribution 217 125 386 ordinary shares. All distributed shares will remain within the Saltzman family, thereby continuing current family ownership,' read the announcement.
Ivlyn, before the transaction, held 29.31% of Dis-Chem, and it now holds 4.06%. While Dan and Mark each hold 12.62% of the group.
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Third son already at Dis-Chem
Before the transaction, neither of the two sons held an executive position or a board seat. However, this is expected to change as they become more involved in the group's operation.
Another son of the Saltzman family, Saul, has held various positions within the group throughout his entire career and was appointed executive director alongside his father in 2022. Saul already has shares in the group.
Dis-Chem was founded in 1978 and listed on the Johannesburg Stock Exchange (JSE) in 2016.
'The transaction will not affect the liquidity of the company's shares traded on the JSE.'
Who owns the company?
Ivan stepped down as CEO in 2023 after 45 years, succeeded by Rui Morais, who had previously served as the company's CFO.
In 2021, the Saltzmans reduced their shareholding in the group from above 50% to 31% through several transactions.
7% was sold to the open market for almost R2 billion to interested investors, and a 3.75% stake was also sold to senior executives, including Morais.
In the previous financial year, Ivan received total remuneration of R17 million, while his wife was paid R14 million. Despite Ivan's stepping down in 2023, he and Lynette remain actively involved in the company's operations. Saul was paid a total of R7.9 million.
NOW READ: Dis-Chem's growth strategy challenges Clicks' dominance
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