Latest News

Back to Latest News back

 

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).

Related Articles

12th February 2021 - Dubai theme park operator urges shareholders to back takeover offer

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


Asking a small favour
We hope that you value the news that we publish so while you're here can we ask for your support?

The news we publish at www.ausleisure.com.au is independent, credible (we hope) and free for you to access, with no pay walls and no annoying pop-up ads.

However, as an independent publisher, can we ask for you to support us by subscribing to the printed Australasian Leisure Management magazine - if you don't already do so.

Published bi-monthly since 1997, the printed Australasian Leisure Management differs from this website in that it publishes longer, in-depth and analytical features covering aquatics, attractions, entertainment, events, fitness, parks, recreation, sport, tourism and venues management.

Subscriptions cost just $90 a year.

Click here to subscribe.

 

supplier directory

The Complete Guide to Leisure Industry Products & Services.

See the directory see all

Polin Waterparks

Polin was founded in Istanbul in 1976, and has since grown into a leading company in the waterparks industry. Today Polin is one of the world leaders in the design, production, and installation of…

read more

Aquatics / Attractions / Play / Waterparks

 
 

Quayclean

Quayclean are a national cleaning and waste services partner with proven results in the understanding and delivery of cleaning needs and challenges faced by facilities including; major venues and…

read more

Aquatics / Hospitality / Surfaces / Venues

 
 
 

Tim Batt Water Solutions

Tim Batt Water Solutions are at the very forefront of the commercial aquatic business in Australia, with over 30 years specific experience supplying and installing chemical control and dosing…

read more

Aquatics / Environment / Recreation / Technology / Venues

 
 

Sportybots

We are the leading providers of kids fun multi-sports programs for Sport and Recreation Centres. Programs cover twelve common sports as well as Gross Motor Skill Development and suit children from as…

read more

Fitness / Play / Recreation / Sport / Wellness

 
 

SENtag

Developed in Europe, this innovative system offers a safety management solution for swimming pools that checks individual swimmers via their wristband - monitoring their depth and time. Sensors…

read more

Aquatics / Hospitality / Safety / Technology / Waterparks

 
 

Worldwide Sports Management

Principal Consultant Simon Weatherill has spent the last 20 years developing the world renowned Melbourne Sports Hub, as former Chief Executive Officer of the State Sports Centres Trust…

read more

Aquatics / Consultants / Recreation / Sport / Venues

 
 

TICKETSERV

As of 2018, TicketServ operates as SeatGeek Asia Pacific Pty Limited, part of international ticketing platform SeatGeek. Click here to contact SeatGeek Asia Pacific via their entry in…

read more

Attractions / Entertainment / Events / Sport / Ticketing

 
 
 
 

get listed with our suppliers directory

Get your business noticed in our targeted directory. Viewed by 10,000 industry professionals per week!

list your business