Dubai: Minority shareholders of theme park operator DXB Entertainments will get paid by June 7 for selling their holdings to Meraas, the Dubai company that now already owns more than 90 per cent in the company. The shares, bought for 8 fils a share, will see Meraas end up with full ownership of DXBE, which will also be de-listed from Dubai stock market.
Meraas has issued a notice to minority shareholders to this effect. The takeover, first announced in December, represents a bold move by Meraas to draw a line under DXBE’s mounting financial problems, which increased with the closures to tackle COVID-19’s spread. DXBE owns and operates Dubai Parks in Jebel Ali.
To get their cash, the shareholders must have registered with Dubai CSD at Dubai Financial Market. (Dubai CSD is the depository that oversees share transfer process for listed companies.) “If any of DXBE’s shareholders did not register a payment method with Dubai CSD, such shareholder may face significant delays in receipt of the cash payable for his/her shares,” DXBE said in a statement.
All remaining DXBE shares - not already owned by Meraas - will be re-registered in favour of the master-developer in 60 days from April 1.
It was late last month that Meraas confirmed it will be exercising its rights as the majority shareholder – with 90 per cent plus one share of the issued capital – to take control of all remaining shares. Even if they belong to those shareholders who are hesitant about selling their interests in the company.
On April 1, the UAE regulator - Securities and Commodities Authority – gave its go ahead for the move.