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Tunisian multimillionaire businessman Habib Essayeh, CEO of Euro-Cycles, experienced a notable surge in wealth in 2023. However, in the early days of 2024, he faced substantial setbacks as the Tunis Stock Exchange witnessed persistent sell-offs, leading to a double-digit percentage drop in Euro-Cycles’ share price.
According to data from Billionaires.Africa, Essayeh, among the top investors on the Tunis Stock Exchange, incurred a significant loss of TND8.23 million ($2.65 million) over the past 16 days due to the recent decline in the company’s shares.
This recent downturn follows the $2.6-million gain he recorded between Nov. 17 and Dec. 11. During this period, the market value of his stake in the Tunis-based automotive enterprise fell from TND42.65 million ($13.62 million) on Nov. 17 to TND50.91 million ($16.26 million).
Euro-Cycles faces market turbulence, shares drop 15.67 percent in two weeks
Euro-Cycles is an esteemed Tunisian automotive company specializing in the production of customized bicycles and cycles exclusively for export. They cater to a wide range of customers by manufacturing beginner and midrange bikes according to their specifications.
Since the start of the year, the company’s shares on the local exchange have fallen from TND 15.95 ($5.127) on Jan. 1 to TND 13.45 ($4.324) at the time of writing, resulting in a 15.6-percent loss for shareholders, including Essayeh, the Tunisian automaker’s largest stakeholder.
Essayeh’s stake in Euro-Cycles dips below $15 million
Essayeh, owns a 33.6-percent stake in the bike maker, making him not only the largest shareholder in the Tunis-based automotive enterprise but also one of the wealthiest investors on the Tunis Stock Exchange.
The market value of Essayeh’s 33.6-percent stake in the company has declined from TND52.53 million ($16.89 million) on Jan. 1 to TND44.29 million ($14.24 million) at the time of writing, underscoring the magnitude of the financial setback.
Despite this setback, Essayeh remains one of the most affluent investors on the Tunis Stock Exchange. His far-sighted leadership has played a pivotal role in shaping the trajectory of Euro-Cycles’ growth and expansion in the face of the recent market challenges.
