Tunisian tycoon Habib Essayeh, the CEO of Euro-Cycles, has experienced a substantial decline in the market value of his stake in Euro-Cycles, driven by the recent slump in the shares of the Tunis-based automotive enterprise.
According to data tracked by Billionaires.Africa, Essayeh, who ranks as one of Tunisia’s richest man, has witnessed a significant loss of $2.08 million over the past 43 days as a result of the recent decline in the market value of his stake in Euro-Cycles.
This financial setback marks the continuation of a prior loss of $1.7 million suffered by Essayeh between Aug. 1 and 29. During this period, his net worth in Euro-Cycles decreased from TND53.02 million ($17.05 million) to TND47.72 million ($15.34 million), reflecting a steady downward trend in the value of his investment.
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.
Essayeh, a leading businessman and executive who serves as the CEO of Euro-Cycles, owns a sizeable 33.6-percent stake, equivalent to 3,293,136 shares in the Tunis-based firm.
Over the past 43 days, Euro-Cycles’ shares on the local exchange have slumped from TND14.39 ($4.549) on Aug. 30 to TND12.39 ($3.917) at the time of writing. This decline has resulted in a 13.9-percent loss for shareholders.
As a result of this double-digit percent slump, the market value of Essayeh’s 33.6-percent stake in the Tunis-based automotive enterprise has declined by TND6.6 million ($2.08 million), falling from TND47.4 million ($14.98 million) on Aug. 30 to TND40.8 million ($12.9 million) at the time of writing.