Guess which rich lister has loaded up on $9m of their ASX 300 company's shares this month

The billionaire has seemingly taken advantage of the stock's recent tumble.

| More on:
Investor looking at his phone with an idea. Skyscrapers in the background.

Image Source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points

  • Aussie billionaire Raphael Germinder has forked out another $9.3 million to up his stake in ASX 300 company Pact Group this month 
  • The rich lister is the company's founder and chair and now backs 48% of its stock 
  • Germinder has seemingly taken advantage of recent weakness in the Pact Group share price 

Australian rich lister and chair and founder of S&PASX 300 Index (ASX: XKO) packaging company Pact Group Holdings Ltd (ASX: PGH) Raphael Geminder has been on a spending spree this month. The billionaire has forked out more than $9.3 million to indirectly buy additional shares in the company on the market.

Assumably, Geminder has been taking advantage of recent weakness in the Pact Group share price.

The ASX 300 and All Ordinaries Index (ASX: XAO) constituent has dumped nearly 25% of its value since this time last month. The Pact Group share price last traded at $1.65.

For context, the ASX 300 and the All Ords have each dropped close to 3% in that time.

Let's take a closer look at the ASX 300 insider's latest purchases and the company's shares' recent suffering.

ASX 300 insider forks out $9m on company's shares

Geminder is seemingly confident in the future of the Pact Group share price, indirectly investing an additional $9.3 million to buy an extra 5.7 million of the company's shares.

That represents an average price of around $1.64 for each share bought across six transactions.

Indeed, the parcel of shares attributed to the billionaire grew every trading day between 6 September and 13 September, according to ASX disclosures.

Germinder-led investment firm Kin Group was behind the buying.

Germinder, who is reported to have a net wealth of $1.45 billion – placing him at number 92 on the Australia Financial Review's 2022 Rich List – now backs approximately 166.67 million shares in the ASX 300 company, representing a 48% stake.

The buying spree comes after the Pact Group share price plummeted on the back of the company's full-year earnings.

The ASX 300 company's share price plunged 9% after it revealed its after-tax profits had tumbled 25% to $70 million in financial year 2022.

It also took a knife to its annual dividend payout, slashing it 55% to 5 cents per share.

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Materials Shares

A man checks his phone next to an electric vehicle charging station with his electric vehicle parked in the charging bay.
Materials Shares

3 ASX lithium shares with huge upside to buy in March

Analysts are feeling bullish about these lithium stocks.

Read more »

Woman looks amazed and shocked as she looks at her laptop.
Materials Shares

Why are Core Lithium shares jumping 12% on Friday?

Investors are buying this lithium miner's shares. But why?

Read more »

Man raising both his arms in the air with a piggy bank on his lap, symbolising a record high.
Materials Shares

Guess why this ASX battery materials share is surging 14% today

Investors have responded very positively to an announcement this morning.

Read more »

A close-up of a handshake depicting a business deal with one of the people in the background of the shot alongside a colleague looking pleased at the deal.
Materials Shares

Own BHP shares? Guess which star CEO just joined your board

The miner has named a current bank CEO as its new board member.

Read more »

Inspectors and workers discussing with each other at a mine site.
Materials Shares

Guess which ASX 200 mining stock could offer a 22% return

Goldman Sachs expects strong returns from this miner's shares.

Read more »

Man in yellow hard hat looks through binoculars as man in white hard hat stands behind him and points.
Materials Shares

One ASX mining sector at risk of more pain, and one ready to soar!

Experts weigh in on the potential winners and losers of Aussie mining amid over and under supply.

Read more »

Two young African mine workers wearing protective wear are discussing coal quality while on site at a coal mine.
Materials Shares

South32 share price jumps on $2.5b coal sale

This mining giant is offloading its coal assets in Illawarra.

Read more »

A happy businessman pointing up, inidicating a rise in share price
Materials Shares

Why are ASX lithium shares like Liontown having such a bumper session today?

Lithium shares are defying the broader market on Wednesday.

Read more »