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.
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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.
