Tunisian tycoon Rached Horchani gains $5.2 million as BH Bank shares increase by double digits

Tunisian multimillionaire Rached Horchani has gained $5.15 million (TND14.4 million) since March 31 from his stake in the Tunisia-based Banque de l’Habitat (BH Bank).

Horchani, who founded the Tunisia-based Horchani Group in 1983, holds a 21.8-percent stake in the group, making him one of the bank’s largest shareholders.

The gain was due to a surge in its stock price on the Tunis Stock Exchange (BVMT) from March 31 to Sept. 27. Local investors bid up the bank’s shares from TND10.47 ($3.73) before it pared to TND10.29 ($3.74) at the time of writing.

BH Bank is a Tunisia-based integrated group that provides a wide variety of financial services to clients and customers in Tunisia.

The bank comprises specialized subsidiaries, including BH Insurance operating in insurance, BH IMMO operating in real estate development, BH Leasing operating in leasing and BH Invest offering brokerage services on the stock market.

As of June 30, the group’s total assets were valued at TND12.1 billion ($4.3 billion). The bank posted a net profit of TND63.9 million ($22.8 million) in the first half of 2021, 45.1-percent higher than last year’s figure of TND44 million ($15.8 million).

At the time of writing, Sept. 27, shares in the bank were trading at TND10.29 ($3.74) per share, 59-basis points higher than its opening price on Sept. 24.

BH Bank shares have increased from TND8.90 ($3.18) on March 31 to TND10.29 ($3.68) on Sept, 27, accruing a gain of 15.6 percent for shareholders in 180 days.

Meanwhile, the market value of Horchani’s stake has increased from TND92.35 million ($33.03 million) on March 31 to TND106.78 million ($38.19 million) on Sept. 27.

This translates to a gain of $5.15 million (TND14.4 million) for Horchani in 180 days.