Tunisian tycoon Moncef Sellami loses $3.49 million as OneTech shares retreat from nine-month high

The stake of Tunisian multimillionaire politician Moncef Sellami in OneTech Group has dropped in value by $3.49 million (TND9.68 million), as the company’s shares retreated from a record nine-month high.

OneTech is a Tunisia-based industrial player operating in the automotive, energy and industrial sectors.

The company is a leading operator in Africa and its first semiconductor supplier meeting European quality standards. OneTech is ranked 30th worldwide among printed circuit board automotive businesses.

News of a global semiconductor shortage on the back of a surge in demand sent OneTech shares up by nine percent from $4.222 (TND11.70) on May 5 to a nine-month high of $4.583 (TND12.70) on May 17.

Since then, profit-taking activities by wary investors have led to a sell-down in the shares price, despite the group’s efforts to develop a supply chain resilience program to strengthen its response to disruptions and reduce risk.

As of press time, 1:20 PM (UTC), July 13, shares in OneTech were trading at $4.327 (TND11.99), or eight basis points lower than its opening price of $4.331 (TND12.00) for the year.

The group’s current share price is 5.6-percent lower than its nine-month high of $4.583 (TND12.70) on May 17. This translates to a 5.6-percent loss in value for shareholders in 57 days.

Sellami is the president of OneTech Group and its largest shareholder, with an equity stake of 25.429 percent of the company’s issued shares.

The market value of his stake has declined from $62.48 million (TND173.10 million) to $58.98 million (TND163.42 million) between May 17 and July 13.

This translates to a loss of $3.49 million (TND9.68 million).