Dubai: A key clause has been added to theme park operator DXB Entertainments’ takeover by Meraas, the holding company for some of Dubai’s biggest destinations and attractions.
The new clause in the Articles of Association specifies that any shareholder who owns 90 per cent plus one additional share in DXBE’s issued share capital has the right to enforce its decisions on minority shareholders.
In particular, this applies to decisions on the selling or swapping of shares owned by minority shareholders in favour of the 90 per cent plus shareholder "pursuant to a written notice given to the company (DXBE)". Shareholders are being offered to sell their holdings at 8 fils a share.
It was last year that Meraas made its intention clear to bring DXBE – which owns Dubai Parks and Resorts – under its complete ownership. All of the many processes to complete the transaction are being followed in the weeks since, including the swap of convertible notes held by DXBE into new shares.
converting the outstanding debt balance as at February 28.
This includes the principal and accrued interest outstanding, of Dh4.27 billion into shares issued to Meraas Leisure and Entertainment.