South African business mogul Giovanni Ravazzotti has witnessed a notable decrease in the market value of his stake in Italtile Limited, attributed to the sustained decline in the shares of the leading conglomerate on the Johannesburg Stock Exchange (JSE).
Data compiled by Billionaires.Africa reveals that Ravazzotti’s stake in Italtile has seen a sharp decline of R747.74 million ($39.6 million) over the past month, mirroring the recent plunge in the share price of the JSE-listed group.
Italtile’s stock dives 14.94 percent, market cap slips below $670 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.
Italtile shares took a hit on the JSE, plunging 14.94 percent from R11.18 ($0.592) on Feb. 20 to R9.51 ($0.503). This drop pushed the company’s market cap below $670 million, causing significant losses for Ravazzotti and other investors.
Giovanni Ravazzotti’s investment in Italtile dwindles to less than $230 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 decline in Italtile shares in the last 29 days, Ravazzotti’s stake has dipped by R747.74 million ($39.6 million). The market value of his investment fell from R5 billion ($265.01 million) to R4.26 billion ($225.43 million) at the time of dafting this report.
Despite this financial setback, Ravazzotti retains his status as one of the high-value investors on the JSE and one of the country’s most affluent individuals.