The board of Saudi Arabian retailer Fawaz Abdulaziz Alhokair Co approved the sale of the firm's investment in Spanish clothing retailer Blanco for SR350 million ($93 million), the company said in a bourse statement on Wednesday.

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.  - Reuters