One of the theme parks operated by DXBE... The company has now received conversion notices from Meraas Leisure and Entertainment and Meraas Holding. Image Credit: Virendra Saklani/Gulf News

Dubai: Dubai’s mega theme parks operator, DXB Entertainments, is in receipt of the conversion notice from Meraas – the first step that will see it being wholly owned by Meraas.

The conversion notice relates to bond certificates issued by DXB Entertainments, for Dh1.216 billion (Accrued interest adds a further Dh269.13 million). The process is expected to be completed on or around February 28, 2021.

These certificates were originally due on June 30, 2026.

It was recently that Meraas - the majority shareholder in DFM-listed DXBE - confirmed it would be making an offer to acquire the rest of the stake and make the company private again. This move, Meraas believes, will better position DXBE to handle the issues arising out of the COVID-19 pandemic and create a clearer path towards future profitability.