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Tunisian tycoon Habib Essayeh has witnessed a substantial decrease in his wealth following the recent downturn in the market value of his Euro-Cycles shares. This decline is attributed to the sell-off on the Tunis Stock Exchange, causing a dip in the company’s shares.
According to data tracked by Billionaire.Africa, Essayeh has experienced a noteworthy loss of TND4.15 million ($1.33 million) in his Euro-Cycles stake over the past 35 days — reflecting recent selling pressures among investors on the Tunis Stock Exchange.
Euro-Cycles’ shares fall 9.45 percent
Euro-Cycles, a renowned Tunisian automotive company specializing in the production of customized bicycles and cycles for export only, has seen its shares slump by 9.45 percent on the Tunis Stock Exchange in the past 35 days.
This decline, from TND13.33 ($4.2837) on March 6 to TND12.07 ($3.8788), has caused the group’s market capitalization to plunge below $40 million, leading to significant losses for shareholders, including Essayeh.
Essayeh’s Euro-Cycles stake dips
With a 33.6-percent stake in Euro-Cycles, equivalent to 3,293,136 ordinary shares, Essayeh stands as one of the most affluent investors on the Tunis Stock Exchange. However, the recent market turmoil has impacted his investment substantially.
Due to the 9.45 percent dip in Euro-Cycles shares, the market value of Essayeh’s stake in the Tunis-based automotive enterprise plummeted by TND4.15 million ($1.33 million), from TND43.9 million ($14.11 million) on March 6 to TND39.75 million ($12.77 million).
Despite the recent setback, Essayeh continues to maintain his position as one of the wealthiest investors on the Tunis Stock Exchange. His visionary leadership has been pivotal in navigating Euro-Cycles’ growth and expansion amidst the recent market challenges.
