| 30 Aug 2010 |
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International Investment Bank third year consecutive dividend distribution from ARTES
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International Investment BankInternational Investment Bank
(IIBIIB), a globally focused investment bank based in the Kingdom of Bahrain operating in line with Shari'ah principles, is pleased to announce the third year consecutive dividend distribution to its investors in IIBIIB Automotive Ltd (IAL). IAL owns an equity stake in ARTESARTES, a company based in Tunis, Tunisia. ARTESARTES is a listed company on the Tunis Stock Exchange and is the exclusive distributor of Renault, Nissan, and Dacia automobiles and their spare parts in Tunisia. ARTESARTES has been extremely successful in expanding its automobile fleets in Tunisia, despite the depressed global economic climate. This is a strong testimony to the company's operating strategy and underpins the medium to long term potential of the company. This expansion has significantly increased the number of cars sold and the profitability of the company.
IIBIIB and its investors acquired the equity stake in ARTESARTES in March 2008; it was IIBIIB's first investment both in Tunisia and in the car distribution sector. The ARTESARTES IPO was one of the largest in Tunisia and was over subscribed more than ten times. Today, ARTESARTES exhibits a significant, robust and increasing car market share in Tunisia. The company's financial position is excellent as evidenced by its very strong liquidity that will not only support its organic growth but also the further acquisitive forays that it makes in the automobile sector.
Commenting upon the performance of one of IIBIIB's strong investments, IIBIIB Chief Executive Officer, Mr. Aabed Al Zeera stated: "As a natural outcome of the strong operating growth, ARTESARTES has delivered steady dividends over the last three years. In the backdrop of the lackluster performance of the automobile industry, in particular, and most of the broader economies of the developed countries, in general, this consistent dividend track record is indeed worthy of note."
Mr. Al Zeera further added: "IIBIIB
is a strategic partner of ARTESARTES and maintains a long term investment horizon in respect of ARTESARTES. Market conditions in Tunisia are getting more and more attractive as the country is opening up to foreign investors. The ongoing mega projects, in particular in the real estate sector, are believed to spur economic growth and will have a positive impact on the automotive sector. Renault has a long history in Tunisia and has been one of the most successful market brands there. Meanwhile, IIBIIB is looking forward to announcing further investments in the near future in Tunis." -Ends-
About International Investment Bank
International Investment BankInternational Investment Bank
B.S.C. (c) (IIBIIB) was incorporated in Bahrain in October 2003 as an Islamic investment bank, with an authorized capital of US$ 200 million and a paid up capital of US$ 43 million. In December 2007, IIBIIB concluded a combined rights issue and private placement offering that has increased the issued share capital to US$ 110 million and total shareholders' equity at 31 December 2009 to US$ 176.5 million. The Bank's shareholders are high net worth individuals, business houses and institutions from the GCC states. The Bank undertakes two core business activities - private equity and real estate - and aims to offer its clients an internationally diversified range of investments generated through its network of strategic partnerships. It has been involved in investments worth more than USD 2.5 billion since its inception.For more information on IIBIIB, please visit: www.iib-bahrain.com
For further information, please contact:
Pooja Sharma,
Memac Ogilvy Bahrain
Tel: 1756 1723
pooja.sharma@ogilvy.com
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