South African business mogul Giovanni Ravazzotti has recently seen a significant decline in the market value of his stake in Italtile Limited due to the recent pullback in the shares of the leading conglomerate on the Johannesburg African Stock Exchange (JSE).
According to data tracked by Billionaires.Africa – the market value of Ravazzotti’s Italtile stake has plunged by R604.46 million ($32.07 million) over the past 16 days – as investors on the local bourse continue to reduce their stakes in the Johannesburg-based group.
Italtile shares plunge by 11.25 percent, causing market cap to fall below $750 million
Italtile, recognized as a leading franchisor, retailer, and manufacturer in the tile and bathroomware sector, operates a range of prominent retail brands, including Italtile Retail, CTM, TopT, and U-Light. Additionally, the company serves as a barometer for measuring consumer expenditure health within the South African market.
Over the past two weeks, Italtile shares on the JSE dropped 11.25 percent, falling from R12 ($0.636) on Jan. 31 to R10.65 ($0.565). This decline pushed the group’s market capitalization below $750 million, resulting in significant losses for Giovanni Ravazzotti and fellow shareholders, amounting to millions of dollars.
Giovanni Ravazzotti’s stake in Italtile slumps below $255 million
Ravazzotti, a prominent figure in the South African business arena, owns a 33.88-percent stake in Italtile — this amounts to a total of 447,746,694 shares in the company.
Following the recent downturn in Italtile shares in the last sixteen days, Ravazzotti’s stake has dipped by R604.46 million ($32.07 million). The market value of his investment fell from R5.37 billion ($285.08 million) to R4.77 billion ($253 million) at the time of writing this report.
Despite this financial setback, Ravazzotti maintains his position as one of the high-value investors on the JSE and one of the country’s most affluent individuals.