South African billionaire Ivan Saltzman’s sons sell $37.6 million Dis-Chem shares

South African billionaire and Dis-Chem pharmacies co-founder Ivan Saltzman’s sons, have sold shares worth about R640 million ($37.6 million) in the pharmacy chain, following a family restructuring of holdings announced last year. 

Mark and Dan Saltzman carried out the sales in a series of near-identical transactions across January and February, according to company disclosures. The disposals come months after Ivan Saltzman transferred a portion of his stake in the retailer to the pair.

Family restructures Dis-Chem ownership stakes

In June, Saltzman began reorganizing his interest in Dis-Chem through Ivlyn Local Investment Holdings, the family vehicle that previously held a significant share of the business. As part of that process, 217.1 million shares—valued at about R6.8 billion ($399 million) at the time—were distributed. 

Before the change, Ivan and co-founder Lynette Saltzman held about 29.3% of Dis-Chem through the vehicle. Afterward, Mark and Dan each received a 12.62% stake. Neither had previously held shares in the company. 

The company said at the time that the move would keep ownership within the family.

Saltzman brothers sell 17.6 million shares

Since receiving the shares, the brothers have sold a combined 17.64 million shares through 22 trades each, at prices ranging from R35.68 ($2.1) to R37.57 ($2.2) per share. The largest single transactions took place on Jan. 9, when each sold 275,000 shares worth about R99 million ($5.8 million). 

Dis-Chem did not provide further details on the reasons behind the sales. 

The transactions reduce the family’s overall stake in the retailer, though it remains a controlling shareholder. 

Mark Saltzman is a commercial lawyer and founded Saltzman Attorneys & Notaries in 2006. Little is publicly known about Dan Saltzman. Both are believed to live outside South Africa. 

A third son, Saul Saltzman, stepped down as an executive director at the end of February after nearly two decades with the company. He held just under 700,000 shares at the end of February 2025, down from 2.4 million a year earlier. He was not part of the June share distribution.

Leadership transition at Dis-Chem begins

The share sales come as Ivan Saltzman prepares to step back from day-to-day management. He is set to retire as an executive director at the end of June and will remain on the board as deputy chairman. 

“It has been an extraordinary privilege to help build Dis-Chem and to work alongside such talented and committed people,” Saltzman said in a statement. 

“With the progress made in building a strong leadership team, it is the right time to move to a more strategic role,” he added. Lynette Saltzman stepped down from her role in 2022.

Dis-Chem posts growth, founder stays active

Founded in 1978 by Ivan and Lynette Saltzman, Dis-Chem Pharmacies has grown into one of South Africa’s largest pharmacy chains, with a network of stores, clinics and wellness centers across the country. 

For the six months ended Aug. 31, 2025, revenue rose 8.7% to R21.27 billion ($1.25 billion), while profit after tax increased 10.4% to R660 million ($38.68 million). 

Saltzman, a trained pharmacist, has spent more than four decades building the business and remains closely involved as it enters its next phase.