International Investment Bank (IIB) has announced an exit from its investment in Artes, a listed Tunisian-based automobile distributor, selling it at TND7.1 ($3.5) per share through block sales on the Tunisian Stock Exchange.

In 2008 IIB and its investors, through the SPV IIB Automotive, acquired an 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 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 ($13.7 million).

“Artes was our first investment in Tunisia and in the automotive industry,” said Subhi Benkhadra, IIB chief executive officer.

“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.” – TradeArabia News Service