Following a significant decline in his stake in Automobile Reseau Tunisien et Services (Artes) in the year leading up to Feb. 28, Tunisian auto mogul Moncef Mzabi has seen an impressive increase in his equity holdings in the Tunis-based automobile retailer in the past 43 days.
According to data tracked by Billionaires.Africa, Mzabi, one of the wealthiest investors on the Tunis Stock Exchange, has seen the market value of his stake in Artes rose by TND5.62 million ($1.85 million) in the last 43 days.
The recent increase in the market value of his equity holdings in the Tunis-based automobile retailer follows a setback of TND20.3 million ($8.02 million) which occurred between Feb. 28, 2022 and Feb. 28, 2023.
Artes is a Tunisian company that specializes in the retail sale of automobiles.
Under the leadership of Moncef Mzabi, the company serves as the official dealer for the Renault and Nissan brands in Tunisia, supplying customers with new vehicles.
Mzabi owns 24.5 percent of the company, which equates to 9,370,387 common shares. His stake makes him not only one of the company’s largest shareholders but also one of the wealthiest investors on the Tunis Stock Exchange.
Artes shares on the Tunis Stock Exchange have increased by 12 percent in the last 43 days, from TND5 ($1.652) on March 1 to TND ($1.85) on April 13, returning millions of dollars in gains to shareholders such as Mzabi, who owns a significant stake in the company.
As a result of the recent increase in the company’s share price, the market value of Moncef Mzabi’s stake has increased by TND5.62 billion ($1.86 million) in the last 43 days, rising from TND46.85 million ($15.48 million) on March 1 to TND52.47 million ($17.34 million) at the time of writing this report.
