Habib Essayeh, a Tunisian businessman and CEO of Euro-Cycles, has experienced a substantial year-to-date financial setback exceeding $10 million due to a sharp decline in the value of his stake in Euro-Cycles.
This decline is attributed to a sustained sell-off on the Tunis Stock Exchange, which has triggered a double-digit percentage drop in the company’s shares.
Data compiled by Billionaires.Africa reveals that Essayeh, who derives his wealth from diverse investments, has suffered a significant loss of $10.67 million since the start of the year as a result of the decline in his stake in Euro-Cycles.
Euro-Cycles, a Tunisian automotive company specializing in the production of customized bicycles and cycles exclusively for export, has suffered a significant decline in its valuation in recent times. The company caters to a diverse clientele, manufacturing bicycles tailored to beginner and midrange specifications.
At the time of writing, its shares were trading at TND15.70 ($5.08) per share, marking a 2.12 percent decline from their opening price on the Tunis Stock Exchange earlier in the day.
Since the start of the year, Euro-Cycles’ shares on the local exchange have declined from TND25.70 ($8.316) per share on Jan. 1 to TND15.70 ($5.080) per share on Aug. 7. This decline has resulted in a notable 38.91 percent loss for shareholders, with Habib Essayeh being the most affected as the company’s leading stakeholder.
The current market value of Essayeh’s 33.6-percent stake in the Tunis-based automotive enterprise has declined from TND 84.63 million ($27.41 million) on Jan. 1 to TND51.70 million ($16.75 million) today, underscoring the magnitude of the financial setback.
The recent decline in the market value of Essayeh’s stock translates into a substantial year-to-date loss of TND32.93 million ($10.67 million) for the accomplished businessman over the past 218 days.