South African mogul Jens Montanana, the creator of multinational technology group Datatec, has seen the market value of his interest in the renowned tech firm fall significantly again, owing to the company’s share price’s continued slide.
Montanana’s Datatec shares have fallen by R93.59 million ($4.96 million) over the last 23 days. This decline is due to the company’s share price falling steadily on the Johannesburg Stock Exchange (JSE).
Prior to this slump, Montanana lost $4.5 million on his Datatec assets from February 26 to March 15.
Datatec, a South African 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), has seen a significant drop in its share price on the JSE.
The share price plummeted 7.69 percent from R38.24 ($2.03) on March 22 to R35.3 ($1.87) in the most recent update, reducing market value to less than $420 million and inflicting shareholder losses.
Montanana, known for his leadership and contributions to the technology business, founded Datatec in 1986. He owns a 14.06 percent ownership in the South African software company, which equates to 31,832,429 ordinary shares. However, due to the recent market downturn, his investment has shrunk significantly.
The loss in Datatec’s share price has resulted in a considerable decrease of R93.59 million ($4.96 million) in the market value of Montanana’s shareholding, which fell from R1.22 billion ($64.53 million) on March 22 to R1.12 billion ($59.57 million).
Despite this setback, Datatec remains a top player in the global technology sector, and Montanana’s considerable shareholding solidifies his status as one of the Johannesburg Stock Exchange’s wealthiest investors.
