Dubai: The theme park operator DXB Entertainments now has accumulated losses of a staggering Dh8.16 billion.
But in terms of accumulated losses to capital ratio, the owner of Dubai Parks & Resorts has got some relief. As against 98 per cent, it is now at 13 per cent after the conversion of the company’s convertible bonds into new shares. The current issued share capital is Dh62.82 billion.
Plus, the senior debt that DXB Entertainments was carrying has been acquired by Meraas, the Dubai master-developer that is buying up the company in full. It was last year that Meraas announced it was making the move, as there were few options left for DXB Entertainments to take care of its debt load.
Meraas already has raised its stake to more than 90 per cent and it’s only a matter of time before it buys up the rest. Following this, DXB Entertainments’ stock will be delisted from DFM.