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Tunisian auto mogul Moncef Mzabi has experienced a significant surge in the market value of his stake in Automobile Reseau Tunisien et Services (ARTES), thanks to the recent upswing in the shares of the automobile retailer on the Tunis Stock Exchange.
Since Oct. 24, Mzabi’s stake in ARTES has seen a notable increase of TND10.31 million ($3.32 million), as investors on the local bourse continue to increase their stakes in the Tunis-based group.
ARTES share price surges by 19.64 percent, market cap soars above $80 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.
Over the past 28 days, shares in ARTES have soared by 19.64-percent, rising from TND 5.60 ($1.804) on Oct. 24 to TND 6.70 ($2.158) at the time of this report. Consequently, this surge has propelled the company’s market capitalization above $80 million.
Moncef Mzabi’s stake in ARTES soars above $20 million
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.
Data tracked by Billionaires.Africa reveals that Mzabi’s stake in the automobile retailer rose from TND 52.47 million ($16.9 million) on Oct. 24 to TND 62.78 million ($20.22 million) at the time of this report, reflecting the recent market upswing.
This surge has resulted in a noteworthy financial gain of TND10.31 million ($3.32 million) for the esteemed Tunisian businessman and multimillionaire.
