ABOUT Again Faster is a Brisbane based, Australian owned supplier of strength and conditioning and functional fitness equipment. With nearly 10 years experience in the Australian market, we are…read more
Dubai’s DXB Entertainments gets approval for US$1.17 billion debt transfer
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).
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
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
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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