UAE: Meraas Acquires A Hundred Percent of DXB Entertainments‘ Share Capital
Meraas Leisure and Entertainment LLC, an entity of the privately held Meraas Holding company based in Dubai, will acquire a hundred percent of the issued and paid up ordinary share capital of DXB Entertainments PJSC (DXBE). Meraas already owns in excess of ninety per cent of the shares of the operating group, the portfolio of which includes the Dubai Parks & Resorts.
The full terms and conditions of the take-over bid presented in December last year were announced by DXBE on the Dubai Financial Market in February. On March 28th, Meraas notified the Securities & Commodities Authority (SCA, a legal entity in the UAE established for the supervision & monitoring of markets) that Meraas will exercise its rights to mandatorily acquire all DXBE shares held by DXBE shareholders who have not accepted the offer in order to obtain a hundred percent of ownership of the entire issued and paid up share capital of DXBE. On April 1st 2021, SCA gave its approval to Meraas to commence its mandatory acquisition. The terms of the mandatory acquisition are 0.08 AED for each DXBE share. All DXBE shares will be re-registered in the name of Meraas within 60 days.
Meraas has also agreed to acquire the senior bank debt of DXBE and subsequently convert this debt into new shares of DXBE at a conversion price of 0.08 AED per share. (eap)