South African business executive Mxolisi Mgojo has seen the market value of his stake in Exxaro Resources, one of South Africa’s largest diversified resource groups, slump by more than $1.4 million since the start of the year due to a combination of factors, including a devaluation of the South African rand and the decline in the group’s share price.
Data gathered by Billionaires.Africa revealed that Mgojo’s stake in Exxaro Resources has decreased by R18.29 million ($1.45 million) since Jan. 1 as investors on the local bourse continue to reduce their stakes in South African-based diversified resources group.
Exxaro Resources is a South African-based diversified resources group with coal, TiO2, ferrous metals, and energy holdings. The firm maintains active operations in South Africa, Europe, the Democratic Republic of the Congo, and the United States.
Mgojo, Exxaro’s CEO since April 2016, owns a minority 0.17-percent stake in the leading diversified resources firm, totaling 412,591 ordinary shares.
Since the start of the year, Exxaro Resources on the Johannesburg Stock Exchange have slumped by 20.89 percent, declining from R212.29 ($11.282) on Jan. 1 to R167.95 ($8.930) at the time of writing, thus leading to losses amounting to millions of dollars for its shareholders, including the affluent Mgojo.
As a result of the combined impact of a double-digit percent slump in the group’s share price and the impact of currency devaluation, the market value of the stake held by Mgojo has slumped by R18.29 million ($1.45 million) since the start of the year, falling from R87.59 million ($5.15 million) on Jan. 1 to R69.29 million ($3.71 million) at the time of writing.
Despite the recent decline in the market value of his stake, Mgojo remains one of South Africa’s esteemed executives, as he stands as a resolute force in the country, even amid share price declines and currency devaluation.
South African tycoon Mxolisi Mgojo suffers $1.4-million loss from Exxaro stake
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