Tunisian auto tycoon Moncef Mzabi has seen the market value of his stake in Automobile Reseau Tunisien et Services (ARTES) decline by more than $1 million in the past 41 days. This financial setback comes as ARTES shares continue their sustained fall on the Tunis Stock Exchange.
According to data tracked by Billionaires.Africa, the market value of Mzabi’s stake in ARTES has decreased by TND3.7 million ($1.2 million) since Sept. 13, as local bourse investors reduced their holdings in the Tunis-based automotive retailer.
This financial setback comes on the heels of a $4.2-million loss that Mzabi recorded between Aug. 14 and Sept. 13, when the market value of his stake in ARTES fell from TND 68.87 million ($22.02 million) to TND 55.75 million ($17.83 million).
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.
In recent times, 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 Mzabi and his brothers Mzoughi and Sadok.
Mzabi owns 24.8 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 richest investors on the Tunis Stock Exchange.
Over the past 41 days, shares in ARTES have suffered a 6.72-percent decline, dropping from TND 5.95 ($1.884) on Sept. 13 to TND 5.55 ($1.179) at the time of this report. This slump has led to a decrease in the company’s market capitalization, which now stands at just below $70 million.
The market value of Mzabi’s 24.8-percent stake in the automobile retailer has declined from TND55.75 million ($17.65 million) on Sept. 13 to TND52.01 million ($16.46 million) at the time of this report.
This recent downturn has resulted in a financial loss of TND3.7 million ($1.2 million) for the renowned Tunisian multimillionaire businessman.
