South African tycoon Jens Montanana, the creator of international technology organization Datatec, has seen the market value of his interest in the renowned tech firm plummet due to the company’s share price falling steadily.
According to data, Jens Montanana’s position in Datatec has dropped by R47.75 million ($2.60 million) in the last five days as investors on the Johannesburg Stock Exchange (JSE) continue to reduce their shares in the company.
Montanana’s share price dropped by $2.4 million between April 17 and 27, from R1.15 billion ($60.86 million) to R1.10 billion ($58.44 million).
Datatec is a South African ICT solutions and services provider, offering software and cloud computing solutions such as Infrastructure as a Service (IaaS) and Software as a Service (SaaS).
The company’s shares on the JSE declined by 3.82 percent, from R39.23 ($2.136) on May 10 to R37.73 ($2.054) as of this update. This fall has reduced the company’s market capitalization to below $475 million, resulting in huge losses for stockholders.
Jens Montanana, well-known for his leadership and contributions to the technology industry, founded Datatec in 1986. He presently owns 14.49 percent of the South African technology company, which equates to 31,832,429 ordinary shares.
The loss in Datatec’s stock price has resulted in a considerable drop in the market value of Montanana’s investment, which has fallen 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 major player in the worldwide technology industry. Montanana’s huge shareholding cements his position as one of the JSE’s wealthiest investors.
