DXBE shareholders approve bond issuance

Dubai

Shareholders of DXB Entertainments approved a decision by the company to issue up to Dh1.23 billion in convertible bonds, with a coupon rate of 8 per cent per year.

When issued, the coupon rate on the bonds will be compounded quarterly and either converted into shares or repaid at maturity. The company did not specify the maturity date for the bonds.

Shareholders also approved a decision to enter into a transaction with majority stake owner Meraas for the issuance of the bonds.