Italtile CEO Gianpaolo Ravazzotti and eight of his colleagues died in a plane crash yesterday afternoon, the company confirmed on Wednesday.

"It is with great sadness that the board of directors of Italtile Ltd announces the death of Ravazzotti and eight of his colleagues and business partners including Ms Gia Celori (Italtile Ltd), Ms Marilize Compion (Italtile Ltd), Mr Sava Di Bella (Prima Bella Bathroom Accessories), Mr Simon Hirschberg (Grainwave Pty Ltd), Mr Jody Jansen van Rensburg (CTM Alberton), Ms Aletsia Krause (Italtile Ltd), Ms Bronwyn Parsons (Pilot, Italtile Ltd), and Ms Alison van Staden (Co-pilot), the company spokeswoman Del-Maree English said.

The plane, believed to have been a Pilatus PC 12, disappeared at 16h00 on Tuesday while trying to land in heavy fog. It was on its way from Queenstown to Plettenberg Bay.

The wreckage of the aircraft was found in the Robberg area early this morning.

A full investigation is underway to determine the cause of the crash.

Chief financial officer Mr Peter Swatton expressed his heartfelt sympathy and condolences to the "chairman of the group, Mr Gianni Ravazzotti, his wife Annabel and their daughters and Gianpaolo's wife, Vanessa and their children, as well as the families of all of the deceased."

The board will announce its succession plans in due course, English said.

Italtile shares are down 4.52%, the biggest fall since 20 December last year. The shares have gained 6.93% over the past 12 months.