IIB pays dividend to Tunisia firm investors
Manama, August 31, 2010
Bahrain-based International Investment Bank (IIB) is paying a third annual consecutive dividend to its investors in IIB Automotive (IAL). IAL owns an equity stake in Artes, a company based in Tunis, Tunisia.
Artes is a listed company on the Tunis Stock Exchange and is the exclusive distributor of Renault, Nissan, and Dacia cars and their spare parts in Tunisia.
It has been extremely successful in expanding its fleet 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 firm.
This expansion has significantly increased the number of cars sold and the profitability of the company.
IIB and its investors acquired the equity stake in Artes in March 2008 and it was IIB's first investment both in Tunisia and in the car distribution sector.
The Artes IPO was one of the largest in Tunisia and was over subscribed more than 10 times.
'As a natural outcome of the strong operating growth, Artes has delivered steady dividends over the last three years,' said IIB chief executive officer Aabed Al Zeera.
'In the backdrop of the lacklustre performance of the automotive 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,' he added. – TradeArabia News Service