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South African tycoon Jens Montanana, the founder of multinational technology group Datatec, has experienced another significant decline in the market value of his stake in the renowned tech firm due to a sustained plunge in the company’s shares.
According to data tracked by Billionaires.Africa, Jens Montanana’s stake in Datatec has plunged by R47.75 million ($2.60 million) over the past five days as investors on the Johannesburg Stock Exchange (JSE) continue to reduce their holdings in the company.
This recent dip comes on the heels of previous losses recorded between April 17 and 27, when Montanana’s shares in the company fell by $2.4 million, from R1.15 billion ($60.86 million) to R1.10 billion ($58.44 million).
Datatec’s market cap slumps below $475 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).
Its shares on the JSE recently dropped by 3.82 percent, sliding from R39.23 ($2.136) on May 10 to R37.73 ($2.054) at the time of this update. This decline has dragged the company’s market capitalization below $475 million, causing significant losses for shareholders.
Montanana’s stake in Datatec slumps
Jens 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.
The decline in Datatec’s stock price has led to a significant drop in the market value of Montanana’s stake, decreasing by R47.75 million ($2.60 million) from R1.25 billion ($67.92 million) on May 10 to R1.2 billion ($65.32 million).
Despite this, Datatec remains a significant player in the global tech sector. Montanana’s substantial shareholding reinforces his status as one of the wealthiest investors on the JSE.
