IIB successfully exits automotive business

Manama : International Investment Bank (IIB) announced an exit from its investment in ARTES, a listed Tunisian-based automobile distributor, selling it for TND7.1 per share through block sales on the Tunisian Stock Exchange.

In 2008 IIB and its investors, through the SPV IIB Automotive Ltd (IAL), acquired 8.62 per cent stake in ARTES, a market leader in Tunisian car distribution, and the exclusive distributor of Renault, Dacia, and Nissan automobiles and spare parts in Tunisia. ARTES has a well-developed retail network of 26 branches across Tunisia and has historically posted an impressive operating performance. For the 2015 financial year, ARTES posted a net income of TND27.4 million (US$13.7m).

“ARTES was our first investment in Tunisia and in the automotive industry,” said IIB Chief Executive Officer, Subhi Benkhadra. “Although a successful company, we felt that now was the right time to exit the deal in line with the bank’s new policy of selling its long-standing investments and shifting its attention towards more relevant current offerings that maximise value for investors and shareholders.”