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Tue 7 Jun 2016 12:07 PM

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Saudi Arabia's Alhokair gets offer for clothing retailer Blanco

Chairman Fawaz Abdulaziz Alhokair is among the investors in the fund that have made $93 million the offer

Saudi Arabia's Alhokair gets offer for clothing retailer Blanco
Photo for illustrative purpose (Getty Images)

Saudi Arabian retailer Fawaz Abdulaziz Alhokair 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 350 million Saudi riyals ($93 million), it said in a bourse statement on Tuesday.

The payment would be made over five installments, it said.

The transaction is subject to shareholder approval at an extraordinary meeting as chairman Fawaz Abdulaziz Alhokair is among the investors in the fund that have made the offer, the statement said.

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