Tunisian businessman Mehdi Tamarziste has seen the value of his stake in Banking Union for Commerce and Industry (UBCI) decline by $3.7 million in 132 days, as shares in the bank retreated from their record 52-week high on the back of a sell-down.
The multimillion-dollar loss in his stake was triggered by investor profit-taking actions that caused it to plunge by nearly 17 percent amid a sell-off.
UBCI is a commercial bank based in Tunis, Tunisia’s largest city and capital.
The bank, which operates as a subsidiary of BNP Paribas, was founded in December 1961 following the merger of the National Bank for Trade and Industry-Africa and the Financial and Technical Union of Tunisia.
Since 1961, it has grown into one of the leading financial services providers in the country, with about TND3.0 billion ($1.1 billion) in customer deposits.
Mehdi Tamarziste, who is vice chairman of the board of UBCI, holds a 12.9-percent stake in the bank through Tamarziste Group. His stake amounts to 2,589,213 ordinary shares.
Tamarziste Group was established by Mehdi’s father, the late Tunisian businessman and investor, Bechir Tamarziste, who passed away in December 2015.
As of press time, 12:20 PM (UTC), Aug. 31, shares in the bank were trading at TND20.01 ($7.2) per share, 4.8-percent lower than its opening price of TND21.oo ($7.52) for the month.
Data retrieved from the Tunis Stock Exchange revealed that the bank’s shares have slumped from their 52-week high of TND24.o ($8.7) on April 21 to TND20.0 ($7.16) on Aug. 31, accruing a loss of 16.6 percent for shareholders.
The market value of Tamarziste’s stake in the bank has declined from TND62.1 million ($22.5 million) on April 21 to TND51.8 million ($18.7 million) as of press time, 11:25 AM (UTC), Aug. 31.
This translates to a loss of TND10.4 million ($3.7 million) for the Tunisian businessman in 132 days.