The debt has been transferred to the UAE developer Meraas Leisure and Entertainment, in exchange for 53 billion ordinary shares.
DXB Entertainments is a leading Dubai-based leisure and entertainment company which operators a number of the emirates major theme parks including Motiongate Dubai, Bollywood Parks Dubai, Legoland Dubai and Legoland Water Park and two hotels and a themed retail and dining destination: Lapita hotels, Legoland Hotel and Riverland Dubai.
Approval has now officially been won from shareholders to transfer $1.13bn (AED 4.3bn) debt to Meraas Leisure and Entertainment in exchange for 53 billion ordinary shares. The go-ahead came from the shareholders at the company’s general assembly earlier in the week.
A filing made to the Dubai Financial Market will see DXB Entertainments convert its debts with Emirates NBD into ordinary shares, which have been valued at AED1 each in the share capital of the company at a conversion rate of AED0.08 per share.
