Fawaz Abdulaziz Alhokair Co. at its general assembly meeting on Sunday approved selling its full stake in Spanish clothing retailer Blanco for SAR 350 million to a fund managed by a Dubai-based investment bank, the Saudi-based retailer said in a statement to Tadawul.
The names of the fund and investment bank were not disclosed.
The deal value will be paid in five deferred and equal annual installments, the first of which will be due one year after the deal is completed. In addition, SAR 25 million in forward sale costs will be added to the purchase value.
Shareholders also authorized the board of directors to pay a dividend for fiscal year 2016.
On June 6, Fawa Alhokair received an offer from the fund to buy out its holding in Blanco for SAR 350 million.
In 2014, the retailer inked a deal to buy the assets of Blanco for SAR 58.2 million.
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