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Tunisian multimillionaire tycoon Moncef Mzabi’s shareholdings in Tunisian automobile retailer Automobile Reseau Tunisien and Services SA (ARTES) have increased significantly since the start of the year, as shares in automobile manufacturers and retailers on the Tunis Stock Exchange continue to rise in value.
According to data tracked by Billionaires.Africa, the market value of Mzabi’s stake in ARTES has increased by TND10.62 million ($3.46 million) since the beginning of the year, owing to sustained buying interest among investors on the local bourse.
ARTES is a Tunisian company that specializes in the retail sale of automobiles. It serves as the official dealer for the Renault and Nissan brands in Tunisia, supplying customers with new vehicles.
It has grown into a leading player in the automotive industry, competing with renowned brands such as Ennakl Automobiles and City Cars in Tunisia under the leadership of Mzabi, who controls a 24.8-percent stake in the company.
Before midday on Wed., May 18, shares in the Tunisian automobile retailer were trading at TND7.3 ($2.38) per share, 2.53-percent higher than their opening price on the local bourse.
Shares in the company have increased from TND6.18 ($2.014) per share on Jan. 1 to TND7.3 ($2.38) on May 18, representing a total 18.12-percent gain for shareholders.
As a result of the double-digit percent uptick in the shares of ARTES since the start of 2022, the market value of Mzabi’s stake rose by TND10.62 million ($3.46 million) at the time of writing this report to TND69.25 million ($22.57 million).
The increase in value cements his position as one of the wealthiest investors on the Tunis Stock Exchange, alongside his brothers, Mzoughi Mazabi and Mohamed Sadok Mazabi, who own significant stakes in ARTES.
