Tunisian tycoon Habib Essayeh gains $2.6 million as Euro-Cycles shares soar

Yusuf Abdulfatai -

Tunisian business magnate Habib Essayeh, CEO of Euro-Cycles, has experienced a significant increase in the market value of his stake in the Tunis-based automotive company, driven by the recent surge in the shares of the automotive company on the Tunis Stock Exchange.

According to data tracked by Billionaires.Africa, Tunisian multimillionaire businessman, Essayeh has seen an increase of TND8.27-million ($2.64 million) in the market value of his stake in Euro-Cycles S.A. over the past 23 days, as investors on the local bourse increased their stake in the Tunisian automotive company.

Euro-Cycles shares surge, returning millions of dollars in gains to shareholders

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.

In the past 23 days, Euro-Cycles shares on the Tunis Stock Exchange have increased from TND12.95 ($4.13) on Nov.17 to TND15.46 ($4.93) — this has returned a significant 19.38-percent gain to the company’s shareholders, including Essayeh, the company’s CEO.

Habib Essayeh’s stake in Euro-Cycles surges above $16 million

Essayeh, the company’s CEO, owns a significant 33.6-percent stake in the bike maker — making him not only the largest shareholder in Euro-Cycles but also one of the wealthiest investors on the Tunis Stock Exchange.

As a result of this double-digit surge, the market value of Essayeh’s 33.6-percent stake in the Tunis-based automotive enterprise has surged from TND42.65 million ($13.62 million) on Nov. 17 to TND50.91 million ($16.26million) at the time of writing this report.

This surge not only solidifies Essayeh’s position as one of the top investors on the Tunis Stock Exchange but also positions him as a key figure in the automotive industry – showcasing his influence and prosperity in the regional market.