DXB Entertainments Wins Approval for $1.17 Billion Meraas Debt Swap

Published March 11th, 2021 - 08:00 GMT
DXB Entertainments Wins Approval for $1.17 Billion Meraas Debt Swap
DXB Entertainments will convert its debts with Emirates NBD into ordinary shares valued at AED1 each in the share capital of the company at a conversion rate of AED0.08 per share, said the company in its filing to Dubai Financial Market (DFM). (Shutterstock)

DXB Entertainments, a leading Dubai-based leisure and entertainment company and operator of emirate's major theme parks, said it has won approval from shareholders to transfer AED4.3 billion ($1.17 billion) debt to UAE developer Meraas Leisure and Entertainment in exchange for 53 billion ordinary share.

The go-ahead for the Meraas debt conversion came from the shareholders at the company's general assembly on March 9.

As per this, DXB Entertainments will convert its debts with Emirates NBD into ordinary shares valued at AED1 each in the share capital of the company at a conversion rate of AED0.08 per share, said the company in its filing to Dubai Financial Market (DFM).

Also at the meeting, the shareholders approved the board's proposal to increase the issued share

capital of the company from AED53.4 billion to AED62.8 billion and backed the listing of the conversion shares on the DFM.

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