The market value of the wealthy Tunisian Ben Yedder family’s stake in Ennakl Automobiles has dropped by more than $5 million in the past 64 days, as shares in the Tunis-based automobile maker decreased by single-digit percentage points.
The drop in the market value of the family’s stake is the result of recent bearish sentiments on the Casablanca bourse, as investors continued to sell off shares on the stock markets.
As a result of these bearish pressures, Ennakl shares on the Casablanca bourse have declined by 9.58 percent from MAD35.39 ($3.631) on May 16, 64 days ago, to MAD32.0 ($3.287) at the time of writing.
The 9.58-percent drop in the group’s share price reduced the market value of the family’s shareholding in Ennakl by MAD52.95 million ($5.44 million), from MAD552.80 million ($56.75 million) on May 16 to MAD499.85 million ($51.31 million) at the time of writing this report.
Despite the recent $5.44-million decline in the market value of the family’s joint stake in Ennakl, the Ben Yedder family continues to stand as one of the most affluent families, not only in Tunisia but also in the wider Middle East and North African region, thanks to their extensive investments in pivotal enterprises.
Ennakl is a Tunisian car dealership that sells Volkswagen, Audi, Seat, and Porsche vehicles. The company is run by Tunisian executive Abdellatif Hmam and is majority-owned by the ultra-rich Ben Yedder family, who control 53.3 percent of the company.
Aside from Ennakl Automobiles, the family has a significant investment in Amen Bank, a private sector bank headquartered in Tunis, Tunisia’s capital and largest city.
Amel Ben Yedder, Nabil Ben Yedder, Karim Ben Yedder, Wassim Ben Yedder, Hakim Ben Yedder, Halim Ben Yedder, and Rasheed Ben Yedder are members of the Yedder family.