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By
Reuters
Published
Jun 15, 2016
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Saudi Arabia's Alhokair board approves sale of Blanco

By
Reuters
Published
Jun 15, 2016

The board of Saudi Arabian retailer Fawaz Abdulaziz Alhokair Co approved the sale of the firm's investment in Spanish clothing retailer Blanco for 350 million riyals ($93 million), the company said in a bourse statement on Wednesday.


Fawaz Alhokair Fashion


In early June, Alhokair said it had received an offer for the asset from a fund managed by a Dubai-based investment bank.

The transaction will be proposed to shareholders at the next extraordinary general meeting, Alhokair said on Wednesday, as Alhokair's chairman Fawaz Abdulaziz Alhokair is among the investors in the fund making the offer.

 

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