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Habib Essayeh, a Tunisian businessman who made millions of dollars between April 1 and July 6, has recently lost more than $4.4 million as the market value of his stake in Euro-Cycles continues to fall as a result of a persistent sell-off on the Tunis Stock Exchange.
Essayeh, a leading businessman and executive who serves as the CEO of Euro-Cycles, a Tunisian automaker that focuses on producing bicycles and cycles for export solely, owns a sizeable 33.6-percent stake in the Tunis-based firm.
Shares in the Tunisian automotive company were worth TND29.39 ($9.032) per share as of press time on Oct. 12, up 5.08 percent from their opening price on the Tunis Stock Exchange on Tues., Oct. 11, as investors renewed buying interest in the company after its shares fell below key technical levels.
Since Aug. 25, 47 days ago, shares in Euro-Cycles on the local exchange have fallen from TND34.2 ($10.51) per share on Aug. 25 to TND29.39 ($9.032) per share on Oct. 12, resulting in a 14.06-percent loss for shareholders, including Essayeh, the Tunisian automaker’s largest stakeholder.
As a result of the price reduction, the market value of Essayeh’s 33.6-percent stake in Euro-Cycles SA has dropped from TND102.25 million ($31.42 million) on Aug. 25 to TND million ($27 million) at the time of drafting this report.
The latest decline in the market value of his stock amounts to a total loss of TND14.38 million ($4.42 million) for the multimillionaire businessman in the past 47 days, diminishing his year-to-date gains to a loss of $92,000 at the time of writing this story.
Despite a double-digit increase in total sales from TND70.1 million ($21.45 million) to TND87 million ($26.6 million), Euro-Cycles saw its net profit fall from TND13 million ($3.98 million) in the first half of 2021 to TND9.5 million ($2.91 million).
