PHOTO
Manama, Bahrain - International Investment Bank ("IIB") announced an exit from its investment in ARTES, a listed Tunisian-based automobile distributor, selling it at an attractive price of 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 an 8.62% 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$13.7 million).
"ARTES was our first investment in Tunisia and in the automotive industry," said IIB Chief Executive Officer, Subhi Benkhadra. "Although a successful company, we felt that now was the right time to exit the deal in line with the bank's new policy of selling its long-standing investments and shifting its attention towards more relevant current offerings that maximise value for investors and shareholders."
-Ends-
About International Investment Bank
International Investment Bank B.S.C. (c) (IIB) was incorporated in Bahrain in October 2003 as an Islamic investment bank, with an authorized capital of US$ 200 million and a paid up capital of US$ 43 million. In December 2007, IIB concluded a combined rights issue and private placement offering that has increased the issued share capital to US$ 110 million. Total shareholders' equity at 31 December 2015 stood at US$ 130.9 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, which it intensively manages on behalf of investors in order to maximise the yields at the time of exit. It has been involved in investments worth almost US$ 3.5 billion since its inception.
For more information on IIB, please visit: www.iib-bahrain.com
Media Contact:
Sari Mabire
Group Account Director
Hill+Knowlton Strategies Bahrain
Tel: (+973) 1753 3532
Fax: (+973) 1753 3370
sari.mabire@hkstrategies.com
© Press Release 2016
