ARTES
In March 2008, IIB through its SPV IIB Automotive Ltd (“IAL”), acquired a minority stake in ARTES, a Tunisian automobile distributor. ARTES is a prominent player in the Tunisian car distribution industry with a well-developed retail network that consists of 26 outlets across the country. ARTES is the exclusive distributor of Renault, Nissan, and Dacia automobiles and spare parts and provides automobile maintenance services. ARTES was majority owned by the Mzabi Group, a leading North African family business group with interests in industry, retail, tourism, banking and financial services, with 51% stake company. IAL holds a 9.42% equity stake in ARTES.
In 2016, IIB proceeded with a successful block sale of ARTES shares at a positive IRR to investors.