Saudi retailer Al Hokair gets offer for Blanco

Saudi Arabian retailer Fawaz Abdulaziz Al Hokair Co. has received an offer from a fund managed by a Dubai-based investment bank to buy its investment in Spanish clothing retailer Blanco for SAR 350 million, the retailer said in a bourse statement.

The payment would be made over five installments.

The fund plans to provide its shares, as well as Blanco’s major assets as a guarantee for the annual installments.

The deal is still subject to shareholder approval at Alhokair’s next extraordinary meeting.

Chairman Fawaz Abdulaziz Al Hokair is among the investors in the fund that have made the offer, the statement added.

The Saudi-based retailer in 2014 had inked a deal to buy the assets of Blanco for SAR 58.2 million. In addition to Blanco’s commercial brands, the deal also included taking over Blanco’s 74 franchise outlets in 22 countries and its supporting logistic and distribution operations.

The agreement covered all of Blanco’s assets in Spain, including its 177 retail shops, e-commerce department, as well as all its supporting financial, technological, and logistical operations.