The recent surge in the share price of Euro-Cycles S.A., a leading Tunisian automotive company, has resulted in a significant increase in the market value of Tunisian multimillionaire businessman Habib Essayeh’s stake in the past 38 days.
According to data tracked by Billionaires.Africa, Essayeh’s stake in Euro-Cycles has increased in value by TND6.87 million ($2.21 million) in the last 38 days due to a recent surge in the company’s share price on the Tunis Stock Exchange.
Euro-Cycles is an esteemed Tunisian automotive company specializing in the production of customized bicycles and cycles exclusively for export. They cater to a wide range of customers by manufacturing beginner and midrange bikes according to their specifications.
Essayeh, the company’s CEO, owns a substantial 33.6-percent stake in the bike maker, making him not only the largest shareholder in the company but also one of the wealthiest investors on the Tunis Stock Exchange.
As of the time of this report’s drafting, the company’s shares were trading at TND25.9 ($8.32), a slight 50 basis point decline from their opening price on the local bourse this morning, as some cautious investors are securing their gains from their stake in the automotive firm.
Despite a dip in price today, Euro-Cycles shares on the Tunis Stock Exchange have experienced an overall increase of 8.8 percent in the past 38 days, climbing from TND23.8 ($7.64) on Jan. 16 to TND25.9 ($8.32) on Feb. 23.
As a result of this recent uptick in price, Habib Essayeh has seen the market value of his stake in the Tunisian automotive company rise from TND77.83 million ($25 million) 38 days ago to TND84.7 million ($27.22 million) as of today.
This translates to a gain of TND6.87 million ($2.21 million) for the Tunisian multimillionaire businessman over the past 38 days, further solidifying his status as one of the wealthiest investors on the local bourse.
