Dubai's Meraas issues conversion notice for Dh4.27b in DXB Entertainments' debt
Conversion notice sent to DXB Entertainments, to turn debt into new shares of Dh1 each
Image Credit: Gulf News
Dubai: Dubai’s theme park operator DXB Entertainments has got the conversion notice to turn all of its Dh4.27 billion outstanding debt into new ordinary shares of Dh1 each.
The notice was sent by Meraas Leisure and Entertainment, which plans to turn DFM-listed company back into a wholly-owned subsidiary of it. It was earlier this month that DXBE shareholders gave their go-ahead for the transition, with their shares being bought for 8 fils.
The conversion will see all of DXBE’s senior debt facilities – as of February 28 – being converted into 53 billion new shares, at 8 fils apiece.
This will then raise the share capital of the company to Dh62,82 billion.