DXB Entertainments PJSC (DFM:DXBE), the Dubai-based provider of leisure and entertainment experiences and owner of Dubai Parks and Resorts, today announced that it has reached an agreement with its majority shareholder, Meraas, for a subordinated loan.
The AED 245 million loan will take the form of an interest bearing unsecured subordinated shareholder loan with no fixed maturity. The loan will be used to fund operational expenses and debt repayments and will be drawn down immediately. DXBE is currently reviewing its ongoing financing requirements.
Mohamed Almulla, CEO, DXB Entertainments PJSC, said, “Our strategy is to enhance DXB Entertainments’ position as the region’s largest manager of leisure and entertainment offerings, enabling the business to build revenue across a range of assets.”
Almulla added, “Meraas has been a great supporter of our business, and remains a valuable partner and committed to the long-term success of DXB Entertainments. This loan will enable the business to execute on its strategy which will generate value for its shareholders over the long-term.”
For further information, please contact:
Marwa Gouda, Head of Investor Relations, DXB Entertainments PJSC
Jon Earl, Managing Director, FTI Consulting
Anca Cighi, Director, FTI Consulting
DXB Entertainments PJSC
DXB Entertainments PJSC (previously Dubai Parks and Resorts PJSC) is a Dubai-based operator of leisure and entertainment destinations and experiences. The Company is traded on the Dubai Financial Market (DFM) under the trading symbol DXBE. We bring together a diverse portfolio of world-class brands to offer entertainment in the areas of theme parks, family entertainment centres and retail and hospitality.
DXB Entertainments is the owner of Dubai Parks and Resorts, the regions largest integrated theme park destination, with five Theme Parks (Six Flags Dubai under development), two Hotels (LEGOLAND® Hotel under development), and one retail and dining facility all spread over 30.6 million sq.ft of land, with an estimated AED 13.2 billion in development costs.
DXB Entertainments also manages six Dubai-based mid-way attractions in addition to a chain of cinemas, all owned by Meraas.
With a market cap of AED 6.2 billion as of 31 July 2017, DXB Entertainments is the largest leisure and entertainment company in the region.
For more information, go to: www.dxbentertainments.com