Moncef Mzabi: How Tunisian Tycoon Gained $6.6 Million from Stake in Automobile Retailer

Moncef Mzabi, a Tunisian car magnate, has seen the market value of his investment in vehicle Reseau Tunisien et Services (ARTES) climb by more than $6.6 million since the beginning of the year, thanks to a significant gain in the shares of the vehicle retailer on the Tunis Stock Exchange.

Mzabi’s position in Artes has increased by TND 20.61 million ($6.67 million) since January 1, according to data, as local market investors continue to expand their interests in the Tunis-based firm.

ARTES, a Tunisian car store, is the official dealer for the Renault and Nissan brands in Tunisia, serving consumers with new vehicles and competing with well-known automobile retailers such as Ennakl Automobiles and City Cars.

Under the leadership of Moncef Mzabi and his brothers Mzoughi and Sadok, who founded Artes, a Tunisian automobile retailer, after acquiring Renault Tunisie in 1997, it has grown into a leading player in the automotive industry, competing with renowned brands such as Ennakl Automobiles and City Cars in Tunisia.

Mzabi, who is currently the chairman of the Tunisian vehicle dealership, owns 24.5 percent of the corporation, or 9,370,387 ordinary shares. His investment makes him not only one of the company’s major shareholders, but also one of the wealthiest investors on the Tunis Stock Exchange.

Artes shares on the Tunis Stock Exchange have risen 42.72 percent since the beginning of the year, rising from TND 5.15 ($1.6684) on Jan. 1 to TND 7.35 ($2.3756) at the time of writing, pushing the market capitalization above the TND280 million ($90 million) mark, resulting in substantial gains for its shareholders, including the wealthy Moncef Mzabi.

The market value of Mzabi’s 24.8-percent ownership has increased from TND 48.26 million ($15.61 million) on January 1 to TND 68.87 million ($22.27 million) as of this writing. The year-to-date increase in his holdings solidifies his status as one of the Tunis Stock Exchange’s wealthiest investors.

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