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South African business mogul Giovanni Ravazzotti, the founder and former chairman of Italtile Limited, is facing fresh financial setbacks in his fortune, following a $31.5-million plunge in his net worth between Jan. 31 and Feb. 17 when his stake declined from R5.37 billion ($285.08 million) to R4.77 billion ($253 million).
According to data tracked by Billionaires.Africa, the market value of Ravazzotti’s stake in Italtile has declined by R313.42 million ($16.78 million) over the past 9 days, reflecting sustained selling pressures in Italtile shares on the Johannesburg Stock Exchange (JSE).
Italtile’s market cap slips below $700 million
Italtile, recognized as a leading franchisor, retailer, and manufacturer in the tile and bathroomware sector, operates a range of prominent retail brands, including Italtile Retail, CTM, TopT, and U-Light. Additionally, the company serves as a barometer for measuring consumer expenditure health within the South African market.
Since March 28, Italtile shares on the JSE have declined by 6.86 percent, from R10.2 ($0.546) on March 28 to R9.5 ($0.509). This decline has brought the group’s market cap to $700 million, resulting in significant losses to shareholders, including Ravazzotti.
Ravazzotti’s stake in Italtile slumps below $230 million
Ravazzotti, a notable figure in the South African business landscape, owns a 33.88-percent stake in Italtile, which translates to a total of 447,746,694 shares in the group.
As a result of the single-digit percent slump in Italtile shares over the past 9 days, Ravazzotti’s stake has decreased by R313.4 million ($16.78 million). The market value of his stake dropped from R4.57 billion ($244.51 million) on March 28 to R4.25 billion ($227.73 million).
Despite the $16.78-million loss, Ravazzotti retains his position as one of the wealthiest investors on the JSE and one of South Africa’s most prosperous businessmen.
