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Dubai’s DXB Entertainments gets approval for US$1.17 billion debt transfer

Dubai’s DXB Entertainments gets approval for US$1.17 billion debt transfer
March 13, 2021

DXB Entertainments, the Dubai-based leisure and entertainment company, has advised that it has won approval from its shareholders to transfer AED4.3 billion (US$1.17 billion) debt to United Arab Emirates developer Meraas Leisure and Entertainment in exchange for 53 billion ordinary shares.

In February, DXB Entertainments - which operators major theme parks including Motiongate Dubai, Bollywood Parks Dubai, Legoland Dubai and Legoland Water Park and two hotels and a themed retail and dining destination: Lapita hotels, Legoland Hotel and Riverland Dubai - had advised that Meraas’ offer to acquire its debt represented the “only viable route” for shareholders to recover value from their investment.

The offer, first made in late December, saw Meraas offer to acquire DXB Entertainments’ debt and convert it into new  shares, boosting its ownership - which already stood at over half of the theme park group - to more than 90%.

Approval has now officially been won from shareholders to transfer the debt to Meraas Leisure and Entertainment following the company’s general assembly earlier in the week.

A filing made to the Dubai Financial Market will see DXB Entertainments convert its debts with Emirates NBD into ordinary shares, which have been valued at AED1 each in the share capital of the company at a conversion rate of AED0.08 per share.

Having not posted a profit since listing in 2014, in November last year the company advised that its accumulated losses (as of the end of September 2020) stood at 78% of capital.

Images: The soon to open Ain Dubai Ferris wheel (top) and the entrance to Bollywood Parks Dubai (below).

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1st February 2021 - World’s tallest swing ride launched at relaunched Bollywood Parks Dubai

1st February 2021 - Centrepiece pavilion opened at Dubai Expo 2020 site

17th November 2020 - Dubai’s Coca-Cola Arena looks to return of live events under new procedures

9th November 2020 - Dubai Parks and Resorts announces new rides and opening of Legoland Hotel

7th October 2020 - Dubai Safari Park reopens after 33 month refurbishment

6th October 2020 - SeaWorld Abu Dhabi on track for 2022 completion

11th March 2020 - Amusements and attractions exhibitions in Dubai and Taiwan impacted by Coronavirus

24th January 2020 - Opening of world’s tallest observation wheel to coincide with Expo 2020 Dubai

22nd October 2019 - Dubai Parks and Resorts report decline in resident visitor numbers

16th January 2019 - Dubai Parks and Resorts attracts almost 2.8 million visits in 2018

3rd September 2018 - Dubai Safari to reopen under Meraas management

15th May 2018 - Dubai Parks and Resorts welcomes 45% rise in visitors in 2018

10th December 2017 - Dubai Parks and Zayed University encourage young Emiratis to consider leisure industry careers

21st November 2016 - Dubai Parks and Resorts opens Bollywood Parks Dubai

26th January 2014 - Dubai ready to build world’s largest ferris wheel

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