Adding to the R165.67 million ($8.62 million) loss he recorded in April, South African billionaire Giovanni Ravazzotti’s holdings in Italtile Limited have suffered a fresh blow after the company’s share price slumped nearly four percent on the Johannesburg Stock Exchange (JSE).
According to data tracked by Billionaires.Africa, Ravazzotti’s stake in Italtile has shed R170.14 million ($9.12 million) in value over the past 12 days due to selling pressure on the JSE. This follows a R165.67 million ($8.62 million) decline recorded between April 10 and 23, when his stake fell from R4.42 billion ($229.83 million) to R4.25 billion ($221.21 million).
Italtile’s market cap dips below $660 million
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.
Its shares on the JSE have dropped 3.97 percent since April 26, falling from R9.57 ($0.5134) to R9.19 ($0.4930). This decline has pushed the company’s market cap below $660 million, translating to significant losses for shareholders.
Ravazzotti’s Italtile stake slump by $9.1 million
As a result of the recent share price decline, Giovanni Ravazzotti, who founded Italtile in 1969 and owns a 33.88-percent stake (447,746,694 shares), has seen the market value of his holding decrease by R170.14 million ($9.12 million) over the past 12 days from R4.28 billion ($229.70 million) on April 26 to R4.11 billion ($220.58 million).
Despite this significant financial setback, Ravazzotti maintains his position as one of the most affluent investors on the Johannesburg Stock Exchange and continues to rank among the wealthiest individuals in South Africa.
