International Investment Bank announces dividend distribution to IIB Automotive

International Investment Bank (IIB), an Islamic investment bank based in Bahrain, announced its fourth year consecutive dividend distribution to its investors in IIB Automotive Ltd (IAL).

IAL owns a significant equity stake in ARTES, a listed company on the Tunis Stock Exchange and the exclusive distributor of Renault, Nissan, and Dacia automobiles and their spare parts in Tunisia. 

IIB and its investors acquired an equity stake in ARTES in March 2008, its first investment both in Tunisia and in the car distribution sector. The ARTES IPO was one of the largest in Tunisia and was oversubscribed by more than ten times. 

Commenting on the announcement, IIB’s Chief Executive Officer and ARTES Board Member Mr. Aabed Al Zeera said “ARTES has achieved record sales of 17% by the end of 2010 as a natural upshot of its robust operating growth. The company’s financial position is excellent as evidenced by its strong liquidity that will not only support its organic expansion but further sustain its forays in the automobile sector as well.”

“ARTES will remain in the forefront to capture market share and achieve profitability during 2011 based on its strong historical track record, the relatively strong brand appeal of the models sold by the company and the strength of the management team”, he added.

Despite the unrest during the first quarter of 2011, ARTES operations continued to remain profitable and the concerted attempts by the Interim Government to spur economic growth including the injection of substantial liquidity in the banking sector are expected to provide additional impetus to the business of ARTES.