Home » Tunisian tycoon Moncef Mzabi gains $6.6 million from stake in automobile retailer

Tunisian tycoon Moncef Mzabi gains $6.6 million from stake in automobile retailer

by Yusuf Abdulfatai

Tunisian auto mogul Moncef Mzabi has seen the market value of his stake in Automobile Reseau Tunisien et Services (ARTES) increase by more than $6.6 million since the start of the year due to a substantial bump in the shares of the automobile retailer on the Tunis Stock Exchange.

Data gathered by Billionaires.Africa revealed that Mzabi’s stake in Artes has risen by TND 20.61 million ($6.67 million) since Jan. 1 as investors on the local bourse continue to increase their stakes in the Tunis-based group.

ARTES, a Tunisian company that specializes in the retail sale of automobiles, serves as the official dealer for the Renault and Nissan brands in Tunisia, supplying customers with new vehicles and competing with well-known automobile retailers such as Ennakl Automobiles and City Cars.

It has grown into a leading player in the automotive industry, competing with renowned brands such as Ennakl Automobiles and City Cars in Tunisia under the leadership of Moncef Mzabi and his brothers Mzoughi and Sadok, who founded Artes, a Tunisian automobile retailer, after acquiring Renault Tunisie in 1997.

Mzabi, now the chairman of the Tunisian automobile retailer, owns 24.5 percent of the company, which translates into 9,370,387 ordinary shares. His stake makes him not only one of the company’s largest shareholders but also one of the Tunis Stock Exchange’s wealthiest investors.

Since the start of the year, Artes shares on the Tunis Stock Exchange have bumped by 42.72 percent, climbing from TND 5.15 ($1.6684) on Jan. 1 to TND 7.35 ($2.3756) at the time of writing, thus pushing the market capitalization above the TND280 million ($90 million) mark, leading to substantial gains for its shareholders, including the affluent Moncef Mzabi.

As a result of the double-digit price bump, the market value of Mzabi’s 24.8-percent stake has expanded from TND 48.26 million ($15.61 million) on Jan. 1 to TND 68.87 million ($22.27 million) as of report writing. The year-to-date surge in his shareholding cements his position as one of the wealthiest investors on the Tunis Stock Exchange.

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