Tunisian auto tycoon Moncef Mzabi has witnessed a staggering $4.2-million slump in the market value of his stake in Automobile Reseau Tunisien et Services (ARTES) over the past 30 days, attributed to the sustained downturn in ARTES shares on the Tunis Stock Exchange.
Data gathered by Billionaires.Africa revealed that Mzabi’s stake in Artes has slumped by TND13.12 million ($4.2 million) since Aug. 14, as local bourse investors steadily reduced their holdings in the Tunis-based automotive retailer.
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 owns 24.8 percent of the company, translating into 9,370,387 ordinary shares. His stake makes him not only one of the company’s largest shareholders but also one of the richest investors on the Tunis Stock Exchange.
Shares in the Tunis-based firm have dropped by 19.05 percent in the last 30 days, falling from TND 7.35 ($2.350) on Aug. 14 to TND 5.95 ($1.901) at the time of writing, resulting in a significant drop in the company’s market capitalization, pushing it below $75 million.
The market value of Mzabi’s 24.8-percent stake in the automobile retailer has decreased from TND 68.87 million ($22.02 million) on August 14 to TND 55.75 million ($17.83 million) at the time of writing as a result of the double-digit decline in ARTES shares on the Tunis Stock Exchange, accruing total losses of TND 13.12 million ($4.2 million) to the multimillionaire.