South African business mogul Giovanni Ravazzotti has suffered another significant dip in the market value of his stake in Italtile Limited, driven by the sustained decline in the share price of the leading group on the Johannesburg Stock Exchange (JSE).
According to data tracked by Billionaires.Africa, Ravazzotti’s stake in Italtile has lost R165.67 million ($8.62 million) in value over the past 13 days due to selling pressure on the local bourse. This follows a previous R227.73 million ($16.8 million) loss between March 28 and April 7, when his stake dipped from R4.57 billion ($244.51 million) to R4.25 billion.
Italtile’s shares slump by 3.75 percent
Italtile, a leading franchisor, retailer, and manufacturer in the tiles and bathroomware sector, operates several prominent retail brands, including Italtile Retail, CTM, TopT, and U-Light. It also serves as a bellwether for gauging consumer spending health in the South African market.
Italtile’s shares on the JSE have declined 3.75 percent, falling from R9.87 ($0.513) on April 10 to R9.50 ($0.494) at press time. The dip has pushed the company’s market capitalization below $660 million, leading to significant losses for shareholders, including Ravazzotti.
Italtile stake dip, Ravazzotti loses millions
The recent single-digit percentage decline in Italtile’s share price has caused the market value of Ravazzotti’s stake to decrease by R165.67 million ($8.62 million), falling from R4.42 billion ($229.83 million) on April 10 to R4.25 billion ($221.21 million).
Despite this financial setback, Ravazzotti remains one of the most significant investors on the Johannesburg Stock Exchange and is counted among the wealthiest individuals in South Africa.
