Chemist Warehouse merger makes a new WA rich lister

Perth-based Chemist Warehouse franchisee Sunny Narula has emerged with a $500 million stake in ASX-listed Sigma Healthcare, following the merger of the two businesses.

The release of the Sigma annual report late last week shows Mr Narula held almost 166 million shares on March 18, a stake worth about $3 per share at current trading which makes him the ninth biggest shareholder, owning 1.44 per cent of the $34.28 billion listed company.

Trained as a pharmacist in Victoria, Australian Securities and Investments Commission records show he has interests in as many as 15 businesses which trade under various Chemist Warehouse-linked brands. 

Three of those outlets are in Western Australia while the rest are scattered though other state. Each business name is held with at least one other person, in a limited partnership. In some cases the other owners are the founders or major players in Chemist Warehouse.

Unique rules govern the ownership of pharmacies, typically requiring a pharmacist and restricting the number that can be held in each state.

In the merger scheme booklet released to the ASX late last year, it was revealed that Mr Narula’s franchises made payments of more than $20 million in the three months ending September 30 2024 to Sigma through supply contracts for medicines.

Property and ASIC records show he also has an interest in at least one company that owns land where a Chemist Warehouse outlet operates. 

Mr Narula was a director of the Chemist Warehouse parent CW Group Holdings for four years until April this year.