Tunisian auto mogul Moncef Mzabi has seen the market value of his stake in Automobile Reseau Tunisien et Services (ARTES) increase by TND21 million ($7.4 million) since the start of the year.
ARTES is a Tunisia-based company primarily engaged in the retail sale of cars. It operates as the official dealer of the Renault and Nissan brands in Tunisia, providing new cars to customers in the market.
The company was established in 1997 after Mzabi and his brothers acquired Renault Tunisie.
Since then, it has grown into a leading player in the industry, competing for dominance in the automotive industry with renowned companies and retailers such as Ennakl Automobiles and City Cars in Tunisia.
Mzabi, who is the chairman of the board, is one of the company’s largest shareholders, with a 24.5-percent stake amounting to a total of 9,370,387 ordinary shares in the leading auto retailer.
The multimillion-dollar gain in his stake can be attributed to a 55-percent surge in the company’s shares, as investors sustained buying interest in expectation of an improved financial performance at the end of the 2021 financial year.
As of press time, Nov. 3, shares in the auto retailer were trading at TND6.34 per share, 47-basis points lower than the opening market price of TND6.37 per share this morning.
Since the start of the year, ARTES shares have increased by 55 percent from TND4.1 per share on Dec. 31, 2020 to TND6.34 per share as of the time of writing.
As a result, the market value of Mzabi’s 24.5-percent stake in the Tunisia-based auto retailer has risen from TND38.42 million ($13.62 million) at the beginning of the year to its current value of TND59.41 million ($21.06 million).
This translates to a TND21-million ($7.44 million) gain for the Tunisian auto mogul.