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Tunisian businessman Mehdi Tamarziste’s stake in Tunis-based financial services provider Union Bancaire pour le Commerce et l’Industrie (UBCI) has increased by more than $1.6 million in recent weeks, driven by the surge in the group’s share price.
According to data tracked by Billionaires.Africa, Tamarziste’s stake in UBCI has increased by TND4.19 million ($1.6 million) in the past 19 days, owing to a single-digit surge in the shares of the financial services provider as investors and traders on the Tunis Stock Exchange continue to increase their stakes in companies with strong fundamentals.
UBCI is a leading commercial bank with 103 branches and 112 ATMs located in the heart of Tunisia’s economic center. The bank is a subsidiary of BNP Paribas, a French global banking organization that is Europe’s largest and the world’s seventh-largest in terms of assets.
Tamarziste, a Tunisian businessman who serves on the bank’s board, owns a significant 12.9-percent stake in the lender, totaling 2,589,213 shares.
The market value of his shares in the banking group places him among the wealthiest investors on the Tunis Stock Exchange and the country’s richest men.
In recent times, the bank’s shares have increased from TND21 ($3.87) per share on Aug. 11 to TND22.90 ($4.01) at the time of writing this report, representing a 9.05-percent gain for shareholders over the past 19 days, thus pushing the bank’s market capitalization above $145 million.
The market value of Tamarziste’s stake in the banking group has increased from TND54.37million ($17.5 million) on Aug. 11 to TND59.29 million ($19.07 million) at the time of writing this report, owing to the single-digit percent increase in UBCI’s shares.
This recent surge firmly establishes Mehdi Tamarziste’s position as one of Tunisia’s richest businessmen. Moreover, his elevated position as one of the wealthiest individuals on the Tunis Stock Exchange can be linked to the performance of his strategic investment in UBCI.
