Tunisian tycoon Moncef Sellami has seen the market value of his stake in the Tunisia-based industrial player OneTech Group surge by TND19.6 million ($7.1 million) as shares rose above their 12-month high.
OneTech is a global industrial group with interests in automobiles, energy and industry. It has 40 years of expertise in the cable, mechatronics and ICT sectors.
The group is the first African semiconductor supplier to meet European quality standards.
Since its founding in 1978, the group has grown into a top-30 international industrial company in the printed circuit board business.
Sellami, who chairs the board of OneTech, holds a 25.4-percent stake in the group.
The $7.1-million gain in his stake was due to the group’s performance on the Tunis Stock Exchange, as renewed interest in its shars triggered a double-digit increase in its stock price.
As of press time, 8:10 AM (UTC), Sept. 8, OneTech shares on the Tunisian bourse were trading at TND13.4 ($4.8) per share, 12-percent higher than its closing price on Aug. 17, 22 days ago.
The market value of Sellami’s stake has increased recently from TND163.6 million ($59.0 million) on Aug. 17 to TND183.2 million ($183.2 million) on Sept. 8.
This translates to a gain of TND19.6 million ($7.1 million) for the multimillionaire politician in 22 days.
Investment analysts on the Tunis Stock Exchange believe the recent surge in the shares on the local bourse was triggered by investors reacting to the group’s half-year results.
In its first-half-year results, One Tech posted a strong outperformance in its activities compared to the 2020 year, returning to its pre-COVID-19 levels.
The group recorded a cumulative income of TND447 million ($161.2 million). This translates to an increase of 41 percent compared to the figures recorded in 2020.
