The Dubai-based property company is already a majority shareholder of DXB Entertainment and intends to undertake a capital restructuring of the company.
In 2014, DXBE was listed to capitalise on the booming tourism sector in Dubai however it has struggled since to meet the expected visitor count, this has been worsened by the continuous lockdowns throughout the year.
As part of the restructuring, Meraas plans to acquire debt worth AED4.26bn and convert it into new DXBE shares, meaning that its ownership in the company will jump to more than 90 per cent. Following this, it will offer to buy out the other shareholders at eight fils in cash for each share of the company.
Following the completion of this, Meraas intends to procure the de-listing of DXBE from the DFM.
