Tunisian multimillionaire businessman Abdelwaheb Ben Ayed has seen a considerable fall in his equity investment in Poulina Group, as the company’s valuation slumps due to investors cutting back on their holdings in an effort to protect their fortune.
According to data tracked by Billionaires.Africa, the market value of Ben Ayed’s stake in Poulina has dropped by TND14.69 million ($4.6 million) since the start of the year, owing to a double-digit drop in its share price on the Tunis Stock Exchange.
Poulina Group is a Tunisian conglomerate with active operations and interests in real estate, public works and infrastructure, wood, home appliances, and mass consumer products.
As of press time on Oct. 27, the group’s shares on the local bourse were trading at TND9 ($2.813) per share, 1.1-percent lower than their opening price this morning on the local bourse, as investors continued to reduce their stakes in the group.
Ayed, a Tunisian businessman who was instrumental in the expansion of Poulina Group, owns a beneficial 3.4-percent stake in the conglomerate, making him one of the wealthiest investors on the Tunis Stock Exchange.
Shares in the Tunisian group have dropped by more than 21 percent since the beginning of the year, from TND11.4 ($3.564) on January 1 to TND9 ($2.813) at the time of writing.
The market value of Ayed’s stake in the Tunisian group has fallen from TND69.77 million ($21.81 million) at the start of the year to TND55.08 million ($17.22 million) as a result of the year-to-date decline in Poulina shares.
This translates to a total TND14.69 million ($4.6 million) loss for Ayed since the start of the year.
Despite the decline in the market value of his Poulina Group stake, Ayed remains one of the Tunis Stock Exchange’s wealthiest investors.
