Tunisian auto mogul Moncef Mzabi’s fortune drops by $8 million as shares in automobile retailer plunge

Tunisian auto mogul Moncef Mzabi has seen the market value of his shares in Automobile Reseau Tunisien et Services (Artes), a Tunis-based automobile retailer, fall by more than TND20.3 million ($8.02 million) over the past year.

The $8-million slump in the market value of his stake can be attributed to the sustained decline in Artes’ shares on the Tunis Stock Exchange, coupled with the single-digit depreciation of the Tunisian dinar against the U.S. dollar in the past year.

Mzabi, a leading businessman, and his brothers Mzoughi and Sadok founded Artes, a Tunisian automobile retailer, after acquiring Renault Tunisie in 1997.

In Tunisia, the company competes with well-known automobile retailers such as Ennakl Automobiles and City Cars.

Mzabi, now the chairman of the Tunisian automobile retailer, owns 24.5 percent of the company, which translates into 9,370,387 ordinary shares. His stake makes him not only one of the company’s largest shareholders but also one of the Tunis Stock Exchange’s wealthiest investors.

Shares in the Tunis-based firm have dropped by more than 30.26 percent in the last year, falling from TND7.17 ($2.448) to TND5 ($1.592), resulting in a significant drop in the company’s market capitalization and the market value of the stake held by the company’s shareholders, including Moncef Mzabi.

The market value of Mzabi’s 24.45-percent stake in the automobile retailer has decreased from TND67.18 million ($22.94 million) on February 28, 2022, to TND46.85 million ($14.92 million) at the time of writing, as a result of the double-digit decline in ARTES shares on the Tunis Stock Exchange and the depreciation of the Tunisian dinar against the U.S. dollar.

Over the past year, the Tunisian auto mogul has suffered a total loss of TND20.3 million ($8.02 million) due to the decline in the market value of his stake in Automobile Reseau Tunisien et Services (Artes).

Despite this setback, Mzabi continues to maintain his position as one of the wealthiest investors on the Tunis Stock Exchange and one of the most affluent businessmen in Tunisia.