Tunisian multimillionaire businessman and politician Moncef Sellami has faced a significant decrease in the market value of his stake in the semiconductor supplier, One Tech Group, attributed to the recent decline in its share price.
Since Oct. 6, Sellami’s stake in the Tunisia-based industrial player has slumped by TND7.96 million ($2.56 million) as local investors reduced their holdings in the Tunis-based semiconductor supplier.
One Tech share price dips, pushing market cap below $220 million
OneTech Group, a global player in the industrial sphere, boasts a distinguished presence in the automotive, energy, and industrial sectors. With more than four decades of specialized proficiency in cable, mechatronics, and ICT, the company has flourished into a leading international entity in the printed circuit board business.
Since Oct. 6, the company’s shares on the Tunis Stock Exchange have suffered a 4.46-percent decline, falling from TND8.75 ($2.81) to TND8.36 ($2.69) at the time of writing this report. This has caused the company’s market capitalization to slump below the $220-million mark.
Moncef Sellami takes $2.5-million hit as OneTech shares slump
OneTech’s remarkable growth over the years owes much to the visionary leadership of its founder, Sellami, who established the firm in 1978. Presently, he retains a significant 25.4-percent stake in the Tunis-based semiconductor supplier.
According to data tracked by Billionaires.Africa, Sellami’s shares in One Tech Group, valued at TND178.69 million ($57.43 million) on October 6, have since declined to TND170.72 million ($54.87 million) at the time of drafting this report. This signifies a financial setback of TND7.96 million ($2.56 million) for the Tunisian businessman.
This dip comes after a noteworthy $10.23 million gain recorded between Jan. 1 to Sept. 14, when the market value of his stake in One Tech Group soared from TND143.97 million ($45.92 million) to TND176.03 million ($56.14 million).
