Tunisian multimillionaire businessman and politician Moncef Sellami has faced a paper loss of $2.6 million in the value of his stake in the semiconductor supplier OneTech Group.
The downturn is attributed to the recent pullback in the company’s share price in the past 23 days.
One Tech Group, a global player in the industrial sphere, boasts a distinguished presence in the automotive, energy, and industry sectors.
With more than four decades of specialized proficiency in cable, mechatronics, and ICT, the company has flourished into a leading international entity in the printed circuit board business.
One Tech’s remarkable ascent owes much to the vision of its founder Sellami, who established the firm in 1978.
Presently, Sellami retains a significant 25.4-percent stake in the Tunis-based semiconductor supplier.
Over the past 23 days, One Tech shares on the Tunis Stock Exchange have experienced a 5.08 percent decline, falling from TND7.68 ($2.5) per share on March 8 to TND7.29 ($2.38) as of the time of writing, driven by selling pressures among investors.
Consequently, Sellami, the company’s most prominent shareholder, has suffered a TND7.97-million ($2.6 million) drop in the value of his stake, which has fallen from TND157.02 million ($51.2 million) to TND149.04 million ($48.6 million) in the same period.
Moncef Sellami’s year-to-date wealth gains reach $1.6 Million despite recent stake decline
The decline in the market value of Sellami’s stake over the past 23 days has had a significant impact on the net worth of this Tunisian multimillionaire businessman, who ranks among the wealthiest investors on the Tunis Stock Exchange.
This decline comes in contrast to the impressive TND12.92 million ($4.2 million) surge in Sellami’s stake during the first 67 days of 2023.
As a result, Sellami’s year-to-date wealth gains now stand at TND4.91 million ($1.6 million), placing him among the local investors who have experienced notable increases in their stakes since the start of the year.