Tunisian tycoon Habib Essayeh, CEO of Euro-Cycles, has seen a notable decrease in his wealth due to the recent drop in the market value of his Euro-Cycles shares. The decline is attributed to the sell-off on the Tunis Stock Exchange, causing a dip in the company’s shares.
According to data tracked Billionaire.Africa, Essayeh, a top figure among Tunisia’s wealthiest individuals, has experienced a $1.33-million loss in the market value of his Euro-Cycles stake over the past 13 days — reflecting the bearish sentiment on the Tunis Stock Exchange.
Euro-Cycles faces market turbulence, shares drop further by nearly 10 percent in 12 days
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.
Tunisian multimillionaire Habib Essayeh holds a 33.6-percent stake in the bike maker which translates to 3,293,136 ordinary shares, making him one of the wealthiest investors on the Tunis Stock Exchange.
Over the last 12 days, Euro-Cycles shares on the Tunis Stock Exchange dropped by 9.3 percent, slipping from TND13.55 ($4.34) on Jan. 17 to TND12.29 ($3.94). This decline has pushed the group’s market capitalization below $40 million, leading to substantial losses for shareholders, including the company’s CEO, Essayeh.
Essayeh’s stake in Euro-Cycles dips below $13 million
As a result of this single-digit percent slump, the market value of Essayeh’s 33.6-percent stake in the Tunis-based automotive enterprise fell by TND4.15 million ($1.33 million) from TND44.62 million ($14.29 million) on Jan. 17 to TND40.47 million ($12.96 million).
Despite the financial setback, Essayeh remains one of the top investors on the Tunis Stock Exchange and a key figure in the automotive industry – showcasing his influence and prosperity in the regional market.