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The richest people on the Tunis Stock Exchange

The wealthiest investors on the bourse are mostly prominent business families in Tunisia.

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Tunisian businessman Mehdi Tamarziste.

The wealthiest investors on the Tunis Stock Exchange are mostly prominent business families in Tunisia.

Based on figures derived from investment agencies, the latest annual reports and confirmations from capital market registrars, these are the twenty richest people who own stocks listed on the Tunis Stock Exchange. The value of their shares is based on prices at the end of trading on Aug. 20, and valuations are converted to U.S. dollars at current exchange rates.

#1 Ismaïl Mabrouk and family

Net worth on the BVMT: $343,450,837

Holdings: Arab International Bank of Tunisia (BIAT), Société Nouvelle Maison de la Ville de Tunis (MONOPRIX)

Ismaïl Mabrouk and his brothers Mohamed Ali and Marouane are the sons of Ali Mabrouk, the legendary Tunisian titan of industry who founded the Mabrouk Group in the 1950s and built it into one of the largest business groups in the Maghreb. In addition to the food industry and the banking and financial activity, Mabrouk Group is present in the areas of large-scale distribution (Monoprix, Geant Casino) and automotive (with Le Motor and in particular the exclusive distribution in Tunisia of Mercedes -Benz, Mitsubishi Pick-up, FIAT). On the BVMT, Mabrouk and his two brothers own a 38.6-percent stake in the Arab International Bank of Tunisia (BIAT), one of the largest public-traded commercial banks in Tunisia. Ismail is chairman of the bank. The three brothers also own 76.73 percent of the listed Societe Nouvelle Maison de la Ville de Tunis (MONOPRIX), which operates a chain of grocery stores across Tunisia.

#2 Rached Horchani and family

Net worth on the BVMT: $118.5 million

Holdings: Banque Internationale Arabe de Tunisie, Amen Bank, Banque de l’habitat, Attijari Bank Tunisia, Wifack International Bank, Tunisie Leasing, Attijari Leasing

Rached Horchani founded Horchani Group in 1983 and built it into one of the largest groups in Tunisia – best known for its food business where it produces, processes and exports dattes, olive oils, and seafood products. Horchani is also one of the most prolific investors on the Tunisian Stock Exchange. Through his own name and via his HorchanI Finance investment company, he owns seven percent of Banque Internationale Arabe de Tunisie; 5.45 percent of Amen Bank; a 21.8-percent stake in Banque de l’habitat; a 1.06-percent stake in Attijari Bank Tunisia; a 1.06-percent stake in Wifack International Bank worth $803,128; 8.69% of Tunisie Leasing; and, a 9.09-percent stake in Attijari Leasing worth $923,674.

#3 Karim Ben Yedder and family

Net worth on the BVMT: $114.2 million

Holdings: Ennakl Automobiles S.A, Amen Bank

Karim Ben Yedder is the son of the late business tycoon Rachid Ben Yedder, the founding president of Amen Bank and former head of the Amen Group, one of the three largest family-owned conglomerates in Tunisia. On the BVMT, Yedder and his siblings control 53.3 percent of the publicly traded Ennakl Automobiles S.A. (NAKL) – an automobile retailer. The stake is valued at $68.9 million. They also own a 22.2-percent stake in Amen Bank valued at $45.3 million, bringing the total value of their investments to $114.2 million. The brothers hold their investments through PGI – Holding Amen Group. Yedder is the company’s president.

#4 Mehdi Tamarziste and family

Net worth on the BVMT: $101.6 million

Holdings: BIAT, UBCI, AMEN BANK, Tunisie Leasing

Mehdi Tamarziste is the son of legendary Tunisian businessman and investor Bechir Tamarziste, who passed away in December 2015. The late Bechir regrouped his stakes in BIAT, UBCI, AMEN BANK, Tunisie Leasing into Meninx Holding, an investment company. Mehdi now owns the company. Its assets include a 12.35-percent stake in Union Bancaire pour le Commerce et l’Industrie (UBCI); 9.3 percent of Banque Internationale Arabe de Tunisie (BIAT); a 3.18-percent stake in Amen Bank and a 4.87-percent stake in Tunisie Leasing Et Factoring.

#5 Karim Milad and family

Net worth on the BVMT: $105,897,237

Holdings: Arab International Bank of Tunisia (BIAT)

Karim Milad is the son of the late Tunisian billionaire travel tycoon Aziz Milad, who was the founder of the TTS Group and Nouvelair, Tunisia’s first private airline. The TTS Group owns a string of hotels and resorts. It also owns an industrial packaging firm and a dairy company. On the BVMT,  Aziz Milad owned a 12.97-percent stake in BIAT, which Karim and his two siblings still hold today.

#6 Yahia Bayahi

Net worth on the BVMT: $94,842,360

Holdings: Société Tunisie Profilé Aluminium, Societe Tunisienne de Verreries (SOTUV)

Yahia Bayahi is chairman and CEO of Tunisie Profilés Aluminium SA, a major aluminium producer. He owns 51.34 percent of the company, as well as 71.8 percent of Societe Tunisienne de Verreries (SOTUV), a Tunisia-based producer and exporter of glass and glass-related products.

#7 Moncef Sellami

Net worth on the BVMT: $59,622,804

Holdings: One Tech Holding (OTH)

The Tunisian businessman is the founder of One Tech Holding (OTH), a company that is engaged in providing engineering, design, production, installation, and training solutions for cables, mechatronics and ICT. Sellami founded the company in 1978 and owns a 25.63-percent stake in the company.

#8 Ridha Charfeddine

Net worth on the BVMT: $55,940,236

Holdings: Unité de Fabrication de Médicaments (UMED).

Ridha Charfeddine is chairman and CEO of pharmaceutical company Unite de Fabrication de Medicaments (UMED). He owns a 70-percent stake in the company.  

#9 Abdellatif Henda El-Fekih

Net worth on the BVMT: $50,810,418

Holdings: 10-percent stake in Banque de Tunisie (BT)

#10 Habib Kamoun

Net worth on the BVMT: $43,442,907

Holdings: 8.55-percent stake in Banque de Tunisie

#11 Habib Essayeh

Net worth on the BVMT: $32,105,835

Holdings: Habib Essayeh owns a 33.55-percent stake in Euro Cycles, a manufacturer and assembler of kids bikes, mountain bikes, road bikes, BMX/trick bikes, commuting bikes, folding bikes, beach cruisers and electric bikes. The company exports more than 450,000 mountain bikes to Europe each year.

#12 Moncef Mzabi

Net worth on the BVMT: $30,320,952

Holdings: Moncef Mzabi, a prominent Tunisian businessman, owns 24.5 percent of Automobile Reseau Tunisien et Services worth $18.7 million, as well as a 5.76-percent stake in Union Internationale de Banque worth $11.6 million.

#13 Ben Ayed Abdelwaheb

Net worth on the BVMT: $26,561,898

Holdings: 3.40-percent stake in Poulina Group Holding, a diversified conglomerate.

#14 Selim Sellami

Net worth on the BVMT:  $23,867,731

Holdings: 10.26-percent stake in One Tech Holding (OTH)

#15 Hedi Karim Sellami

Net worth on the BVMT: $22,099,751

Holdings: 9.5-percent stake in One Tech Holding (OTH) 

#16 Mohamed Sadok Mzabi

Net worth on the BVMT: $19,203,330

Holdings: 25.15-percent stake in Automobile Reseau Tunisien et Services

#17 M’zoughi Mzabi

Net worth on the BVMT: $18,813,919

Holdings: 24.64-percent stake in Automobile Reseau Tunisien et Services

#18 Mohamed El Hedi Ayed

Net worth on the BVMT:  $17,594,984

Holdings: 22.74-percent stake in Wifack International Bank (WIFAK)

#19 Khaled Fakhfakh

Net worth on the BVMT:  $11,593,992

Holdings: 1.42-percent stake in Arab International Bank of Tunisia (BIAT)

#20 Habib Bouaziz

Net worth on the BVMT:  $10,162,189

Holdings: 5.04-percent stake in Union Internationale de Banque (UIB)

Mfonobong Nsehe contributed to this report. Send comments to: news@billionaires.africa.

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South African tycoon Stephen Brookes’ Balwin Properties returns $14.6 million to shareholders

Brookes has seen the market value of his stake rise by $5.3 million in the past 26 days.

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Stephen Brookes.

Balwin Properties, a Johannesburg-based residential property developer led by South African businessman and real estate tycoon Stephen Brookes, has returned $14.6 million to shareholders in the past 26 days, as investors react to its first-half financial results.

At the end of today’s trading session on the Johannesburg Stock Exchange, shares in the South African property developer were worth R3.1 ($0.181) per share, giving the company a market capitalization of R1.44 billion ($84.1 million) at the time of writing.

The company’s share price has risen by 21.1 percent since Nov. 2, exactly 26 days ago, returning a total of R250.9 million ($14.6 million) in gains to shareholders as its market capitalization increased from R1.19 billion ($69.46 million) to R1.44 billion ($84.1 million).

Brookes, who founded the property developer in 1996 and owns a total of 36.08 percent of the company, has seen the market value of his stake increase by R92 million ($5.3 million) in the past 26 days as a result of these value gains.

Despite the recent increase in market value, Brookes’ equity interest in Balwin Properties is worth $6.6-million less than it was at the start of the year, when the firm’s shares soared above a price of R3.4 ($0.22) per share.

Balwin is a large-scale estate developer in South Africa for people with low-to-middle incomes. It provides residents with high-quality, environmentally friendly, and affordable apartments, as well as an innovative lifestyle program.

Profit for the first half of the current fiscal year rose by 48 percent, from R117.2 million ($6.4 million) to R173 million ($9.4 million), according to earnings figures.

The double-digit increase in earnings was due to increased demand for South African residential properties, which resulted in a 20-percent increase in revenue from R1.31 billion ($71.38 million) to R1.6 billion ($87.2 million).

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East Africa

Controlled by Kenya’s richest families, NCBA Group eyes entry in Ethiopia, DRC, Ghana

NCBA Group is partially owned by the super-rich Kenyatta, Merali, and Ndegwa families.

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Uhuru Kenyatta.

NCBA Group, a financial services conglomerate controlled by Kenya’s wealthiest families, is preparing to launch operations in Ghana, Ethiopia, and the Democratic Republic of the Congo (DRC) through partnerships led by its mobile phone banking service, M-Shwari.

The move, which aligns with the group’s strategic expansion plans and diversification strategy through mobile and digital banking, comes just a week after NCBA CEO John Gachora announced that the lender plans to expand into eight African markets.

The group, which is one of the leading lenders in East Africa with operations in Tanzania, Uganda, and Rwanda, is negotiating mobile phone banking partnerships with banks and telecom operators in the three countries.

The move is consistent with Gachora’s earlier statement, in which the leading executive stated that the model in the new markets will be to collaborate with local banking and mobile partners to deliver products and services to customers while leveraging cutting-edge technology.

According to Gachora, funding the expansion will be less expensive than establishing a traditional bank. “There will be licensing costs because it’s digital, it’s a fintech, and licenses are relatively cheap,” he said. As a result, the Kenyan bank will earn commissions on deals involving the establishment of brick-and-mortar operations in Ghana, Ethiopia, and the DRC.

NCBA Group is a Nairobi-based financial services conglomerate that operates as a non-operating holding through its extensive network of subsidiaries in Tanzania, Rwanda, Uganda, and Cote d’Ivoire.

The Kenyan banking firm, established in 2019 by the merger of NIC Bank Group and Commercial Bank of Africa Group, now has 109 branches in five countries — Kenya, Uganda, Tanzania, Rwanda, and Cote d’Ivoire — and is partially owned by the super-rich Kenyatta, Merali, and Ndegwa families.

The bank’s profit rose from Ksh6.52 billion ($53.3 million) to Ksh12.8 billion ($104.7 million) at the end of the first nine months of its 2022 fiscal year thanks to a double-digit increase in interest and non-interest income during the period under review.

NCBA has reaped enormous benefits from pioneering mobile phone-based lending in Kenya since partnering with telecom provider Safaricom in 2012 to launch the market-dominating service, M-Shwari.

It hopes to expand this model beyond East Africa, with large populations and a banking industry that primarily serves large corporations.

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Africa’s richest man Aliko Dangote plans 300,000 jobs for Nigerians

Dangote Group is poised to cement its position as the second-largest employer of labor in Nigeria.

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Aliko Dangote.

Africa’s richest man Aliko Dangote has announced that his multimillion-dollar investment through his sugar business, Dangote Sugar Refinery Plc (DSR), will create no less than 300,000 jobs in Nigeria, as he continues to strategically invest in his sugar business in accordance with the requirements of the Nigeria Sugar Master Plan (NSMP).

The leading billionaire, who made this statement while speaking at the flag-off ceremony for the 2022–2023 Crushing Season and Outgrower Scheme Awards in Numan, Adamawa State, explained that the new employment opportunities will include both direct and indirect jobs.

“We are making a massive investment in Adamawa State through expansion of our refining capacity; with this investment, DSR will be able to create about three hundred thousand jobs, direct and indirect, with positive multiplier effects on the economy nationwide,” he said.

This statement comes nearly a week after he committed more than $700 million to expand the operation of its sugar business by increasing the refining capacity of one of its plants, DSR Numan, from 3,000 tonnes of cane per day (tcd) to 6,000 tcd, 9,800 tcd, and 15,000 tcd.

The investment will also drive the expansion of the group’s Backward Integration Program (BIP) in accordance with the NSMP, as the leading billionaire plans to put in place the necessary infrastructure for the eventual start of full-scale production.

The move, which aligns with the country’s goal of achieving sugar sufficiency, fits well with the company’s strategic expansion roadmap and is expected to increase revenue and earnings power while also creating shared wealth for stakeholders.

The Dangote Group, a manufacturing conglomerate owned by Aliko Dangote, is poised to cement its position as the second-largest employer of labor in Nigeria, behind only the Nigerian government, thanks to the 300,000 jobs that will be generated by the new investment.

Due to an increase in demand for both fortified and unfortified sugar, DSR, a leading integrated sugar company that is majority owned by Dangote, announced earlier this month that its nine-month 2022 profits increased by double digits.

According to the group’s financial statement, profits at the end of the first nine months of its 2022 fiscal year rose by more than 60 percent as revenue increased, from N15.51 billion ($35.4 million) in the corresponding period of 2021 to N24.83 billion ($56.6 million).

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