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South African tycoon Giovanni Ravazzotti suffers $16.8-million loss from Italtile stake

Despite the loss, Ravazzotti retains his position as one of the wealthiest investors on the JSE and one of South Africa’s most prosperous businessmen.

Giovanni Ravazzotti
Giovanni Ravazzotti

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South African business mogul Giovanni Ravazzotti, the founder and former chairman of Italtile Limited, is facing fresh financial setbacks in his fortune, following a $31.5-million plunge in his net worth between Jan. 31 and Feb. 17 when his stake declined from R5.37 billion ($285.08 million) to R4.77 billion ($253 million).

According to data tracked by Billionaires.Africa, the market value of Ravazzotti’s stake in Italtile has declined by R313.42 million ($16.78 million) over the past 9 days, reflecting sustained selling pressures in Italtile shares on the Johannesburg Stock Exchange (JSE).

Italtile’s market cap slips below $700 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.

Since March 28, Italtile shares on the JSE have declined by 6.86 percent, from R10.2 ($0.546) on March 28 to R9.5 ($0.509). This decline has brought the group’s market cap to $700 million, resulting in significant losses to shareholders, including Ravazzotti.

Ravazzotti’s stake in Italtile slumps below $230 million

Ravazzotti, a notable figure in the South African business landscape, owns a 33.88-percent stake in Italtile, which translates to a total of 447,746,694 shares in the group.

As a result of the single-digit percent slump in Italtile shares over the past 9 days, Ravazzotti’s stake has decreased by R313.4 million ($16.78 million). The market value of his stake dropped from R4.57 billion ($244.51 million) on March 28 to R4.25 billion ($227.73 million).

Despite the $16.78-million loss, Ravazzotti retains his position as one of the wealthiest investors on the JSE and one of South Africa’s most prosperous businessmen.

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