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Dis-Chem in a fairy tale JSE listing
Pharmacy group Dis-Chem made a fairy tale entry into the JSE’s Food and Drug Retailers sector last week. Founders Ivan and Lynette Saltzman, pictured, were probably the first people to take a ram’s horn into the august JSE – and certainly the first to blow it!
STAFF REPORTER
Founded in 1978 as a startup by pharmacist Ivan Saltzman and his wife Lynette, Dis-Chem has grown into a major health product retailer with more than 100 outlets and an annual turnover of R15 billion, shaded only in this sector by Clicks with some 700 outlets and annual turnover of R23 billion.
Dis-Chem’s shares opened at R23,26, but at close of day had settled on R21,48. Dis-Chem raised R4,4 billion through the placement of 236,8 million shares at R18,50 per share.
The group has more than doubled its store base since 2010 and tripled it since 2008. It plans to open a further eight stores during the six months to February 28 next year and at least 18 more stores during the financial year to February 28, 2018.
The Saltzmans over the years have ploughed back millions into community upliftment projects – Jewish as well as non-Jewish. Theirs is a success story of hard work, determination and a belief in the country.