Tunisian business magnate Habib Essayeh, CEO of Euro-Cycles, has experienced a notable resurgence in the market value of his stake in the Tunis-based automotive company prior to a turbulent period marked by losses earlier this year.
Over the past four weeks, Essayeh’s stake in Euro-Cycles has seen a substantial increase, surging by TND6.22 million ($1.99 million). This significant uptick was driven by a recent surge in the shares of the automotive company on the Tunis Stock Exchange.
Euro-Cycles shares surge by more than 16 percent
Euro-Cycles is a reputable Tunisian automotive company that specializes in the production of customized bicycles and cycles for export only. Its customized bicycles and cycles cater to a diverse range of customers by producing beginner and midrange bikes to their specifications.
Essayeh, the company’s CEO, owns a significant 33.6-percent stake in the bikemaker, making him not only the largest shareholder in Euro-Cycles but also one of the wealthiest investors on the Tunis Stock Exchange.
In recent times, Euro-Cycles’ shares on the local exchange have surged from TND11.20 ($3.587) on Oct. 20 to TND13.09 ($4.192) per share as of the composition of this report, resulting in noteworthy value gains for Essayeh and other stakeholders.
Market value of Habib Essayeh’s stake in Euro-Cycles approaches $15-million mark
Due to a recent upswing in Euro-Cycles’ shares on the Tunis Stock Exchange, the value of Essayeh’s stake in the company has soared by TND6.22 million ($1.99 million) in the last four weeks. His stake, which stood at TND36.88 million ($11.81 million) on Oct. 20, has now reached an impressive TND43.11 million ($13.80 million).
This surge not only solidifies Essayeh’s stature as a prominent and successful investor on the Tunis Stock Exchange but also firmly establishes him as one of Africa’s ultra-high net worth individuals, showcasing his influence and prosperity in the regional market.