Home » Tunisian tycoon Mehdi Tamarziste suffers $3-million loss in 114 days

Tunisian tycoon Mehdi Tamarziste suffers $3-million loss in 114 days

by Yusuf Abdulfatai
Mehdi Tamarziste

Tunisian banker and multimillionaire businessman Mehdi Tamarziste has suffered losses amounting to millions of dollars from his stake in Union for Commerce and Industry (UBCI), a Tunisia-based banking group.

According to data tracked by Billionaires.Africa, Tamarziste’s shares in UBCI have decreased in value by TND9.4 million ($3.05 million) in 114 days as investors on the local bourse continue to reduce their stake in the Tunisia-based lender.

UBCI is a commercial bank based in Tunis, Tunisia’s largest city and capital. It operates as a subsidiary of BNP Paribas, a French international banking group ranked as the largest bank in Europe and the seventh-largest globally in terms of assets.

Tamarziste, one of UBCI’s board members, maintains a 12.9-percent ownership stake in the bank through his business entity, Tamarziste Group.

The shareholding accounts for a significant 2,589,213 ordinary shares in the Tunis-based lender, making him one of the country’s richest investors.

In recent times, the bank’s shares have decreased from TND24.13 ($7.84) per share on April 19 to TND20.50 ($6.66) at the time of writing this report. The decrease translates to a substantial 15.04-percent loss for the shareholders over the past 114 days.

As a result of the recent slump in the group’s shares on the Tunis Stock Exchange, the market value of Tamarziste’s stake in the banking group has declined from TND62.45 million ($20.32 million) on April 19 to TND53.06 million ($17.26 million) at the time of writing this report

This translates to a financial loss of TND9.4 million ($3.05 million) for the Tunisian businessman in 114 days. Despite the recent slump in the market value of his stake, Mehdi Tamarziste remains one of the country’s richest businessmen.

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