South African tech tycoon Jens Montanana, the founder of multinational technology group Datatec, has recorded a significant decline in the market value of his stake in the leading tech company.
According to data tracked by Billionaires.Africa, Montanana’s stake in Datatec has declined by R45.52 million ($2.42 million) over the past 10 days as investors on the local bourse continue to reduce their stakes in the investment group.
This dip comes on the heels of a previous downturn when Montanana’s shares in the multinational technology company declined by $4.96 million between March 22 and April 15, from R1.22 billion ($64.53 million) to R1.12 billion ($59.57 million).
Datatec’s market cap dips below $425 million
Datatec is a South African-based company that provides ICT solutions and services, including software and cloud computing solutions such as Infrastructure as a Service (IaaS) and Software as a Service (SaaS).
In the past 10 days, Datatec shares on the JSE have fallen 3.97 percent, dropping from R35.98 ($1.912) on April 17 to R34.55 ($1.836) at the time of this report. This decline has pushed the company’s market capitalization below $425 million, resulting in significant losses for shareholders.
Montanana’s Datatec stake slump below $60 million
Montanana, renowned for his leadership and contributions to the tech industry, founded Datatec in 1986. He currently holds a 14.49-percent stake, representing 31,832,429 ordinary shares, in the South African tech company.
Due to the recent stock decline, Montanana’s investment in Datatec has decreased by R45.52 million ($2.42 million) over the past 10 days. The holding has dropped from R1.15 billion ($60.86 million) on April 17 to R1.10 billion ($58.44 million) at the time of writing.
Despite this setback, Datatec remains a strong player in the global tech sector. Montanana’s significant shareholding continues to position him as one of the wealthiest investors on the JSE.