Alhokair’s Board approves sale of Blanco

The board of Saudi Arabian retailer Fawaz Abdulaziz Alhokair Co has approved the sale of Blanco for 350 million riyals (about 93 million dollars), the company said in a bourse statement on Wednesday.

This way, the Saudi retailer will divest from the Spanish fashion chain barely two years and a half after it acquired it from administrators.

Earlier this month, Alhokair confirmed it had received an offer for the asset from a fund managed by a Dubai-based investment bank.

Alkohair divests from Blanch two years after it bought it

Right after the offer was made public, Alkohair explained that the transaction would be proposed to shareholders at the next extraordinary general meeting, since Alhokair's chairman Fawaz Abdulaziz Alhokair is among the investors in the fund making the offer.

The payment would be made over five instalments, further explained the Saudi fashion group.

It’s worth of remembering that Blanco has gone through quite a reshuffle under Alkohair’s management.

In May, Blanco’s boss Stephen Craig left after less than a year, along with three other senior executives: Creative director Amy Molyneaux, chief operating officer Paul Seston and production director Matt Arrowsmith.

On the back of the news, the Saudi retailer Fawaz Abdulaziz Alhokair Co, which on last week had been rising sharply on its plan to sell its investment in Spanish clothing retailer Blanco for 350 million riyals (93 million dollars), fell back 7.3 percent on Wednesday late trading, reports Bloomberg.

Image:Blanco Lookbook Swim