Dubai's Meraas now holds all shares of DXB Entertainments

Dubai Parks and Resorts operator confirms completion of mandatory acquisition

  
Meraas Dubai launches contactless ‘Curbside Pickup’ service to keep customers connected to local retailers and restaurants across City Walk, La Mer and The Beach in a safe and convenient manner. Image courtesy: Dubai Media Office Twitter account. Image for illustrative purposes.

Meraas Dubai launches contactless ‘Curbside Pickup’ service to keep customers connected to local retailers and restaurants across City Walk, La Mer and The Beach in a safe and convenient manner. Image courtesy: Dubai Media Office Twitter account. Image for illustrative purposes.

State-backed Meraas Leisure and Entertainment now holds all the shares of Dubai theme parks operator DXB Entertainments (DXBE), according to a bourse filing. 

The minority shareholders of the company, which operates Dubai Parks and Resorts, had accepted in March the offer to take over the company, whose losses were reported to be at 6.2 billion UAE dirhams ($1.7 billion), or 78 percent of its capital, as of the end of September 2020.  

“Following completion of the mandatory acquisition, all of the shares of [DXBE] are now held by Meraas,” DXBE said in a statement to the Dubai Financial Market (DFM). 

According to earlier reports, there had been plans to take DXBE private. 

Last year, Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, directed Meraas to become part of Dubai Holding.

(Reporting by Cleofe Maceda; editing by Anoop Menon) 

Cleofe.maceda@refinitiv.com 

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