South African entrepreneur and IT visionary Jens Montanana, creator of multinational technology business Datatec, has seen a dramatic drop in the market value of his stock in the top tech company.
Montanana’s Datatec shares have dropped by R85.31 million ($4.55 million) in the last 18 days, owing to a continuous reduction in the company’s stake price, signaling yet another collapse in his investment portfolio.
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).
Since February 26, Datatec shares have fallen by more than 6%, from R41.02 ($2.186) to R38.34 ($2.043) at the time of writing. This fall reduced the market value to less than $470 million, resulting in losses for stockholders such as Montanana.
Montanana, known for his leadership and contributions to the technology business, established Datatec in 1986. He currently owns 14.06 percent of the South African tech company’s ordinary shares, or 31,832,429 in total.
The recent reduction in Datatec’s share price has reduced the market value of Montanana’s investment by R85.31 million ($4.55 million). This decrease represents a shift from R1.31 billion ($69.58 million) on February 26 to R1.22 billion ($65.04 million).
Despite this loss, Datatec remains a significant player in the worldwide technology industry. Montanana’s substantial stake makes him one of the wealthiest investors on the Johannesburg Stock Exchange.
