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South African tycoon Jens Montanana, the founder of multinational technology group Datatec, has suffered another substantial decline in the market value of his stake in the renowned tech firm, spurred by the sustained decline in the company’s shares.
According to data tracked by Billionaires.Africa, Montanana’s shares in Datatec have plunged by R93.59 million ($4.96 million) over the past 23 days. This decline is attributed to the continuous drop in the company’s share price on the Johannesburg Stock Exchange (JSE).
Prior to this downturn, Montanana experienced losses amounting to $4.5 million in his Datatec holdings between Feb. 26 and March 15.
Datatec’s stock value plunges
Datatec, a South African-based company offering ICT solutions and services, including software and cloud computing solutions like Infrastructure as a Service (IaaS) and Software as a Service (SaaS), has experienced a notable decline in its share price on the JSE.
The share price fell by 7.69 percent from R38.24 ($2.03) on March 22 to R35.3 ($1.87) in the latest update, resulting in a reduction in market capitalization, dipping below $420 million and causing losses for shareholders.
Datatec founder’s wealth shrinks amid market dip
Montanana, recognized for his leadership and contributions to the tech industry, established Datatec in 1986. Holding a 14.06 percent stake, equivalent to 31,832,429 ordinary shares in the South African tech company, he has witnessed his investment shrink substantially due to the recent market downturn.
The decline in Datatec’s share price has translated into a significant decrease of R93.59 million ($4.96 million) in the market value of Montanana’s stake, dropping from R1.22 billion ($64.53 million) on Mar. 22 to R1.12 billion ($59.57 million).
Despite this setback, Datatec maintains its position as a top player in the global tech sector, while Montanana’s substantial shareholding continues to cement his status as one of the wealthiest investors on the Johannesburg Stock Exchange.
