Meraas Leisure and Entertainment said the minority shareholders of DXB Entertainments, the operator of Dubai Parks and Resorts, accepted its offer to acquire the company.
Meraas and its parent company currently own 59.5 per cent of the theme park operator after a bond-conversion exercise.
It announced plans in December to buy out minority shareholders and take DXBE private.
"Shareholders in DXBE formally approved a set of resolutions relating to the offer at a General Assembly meeting on March 9, including a resolution enabling Meraas to acquire the senior bank debt of DXBE and subsequently convert this debt into new shares of DXBE at a conversion price of Dh0.08 per share," Meraas said in a statement to the Dubai Financial Market on Tuesday.
“Shareholders in DXBE who accepted the offer by submitting their acceptance form will receive a payment of Dh0.08 in cash for each DXBE share they own, subject to the fulfilment of regulatory and other conditions.”
The past year was a challenging one for the global travel and tourism industry because of the coronavirus-induced slowdown.
Theme park closures to curb the spread of the pandemic hit the financial performance and liquidity of global park operators.
The revenue of Walt Disney Company, which operates Disneyland, fell by 53 per cent in the fourth quarter of last year.
DXBE registered a net loss of Dh2.66 billion ($724.2 million), compared with loss of Dh855m in 2019.
The loss for the year included Dh1.7bn in property and equipment impairment costs and Dh346m in non-cash depreciation.
Dubai Parks and Resorts, which started operations in December 2016, runs Legoland Dubai, Bollywood Parks Dubai and a Motiongate theme park.
Plans to add a Six Flags Dubai theme park were cancelled in 2019.
Despite a reorganisation of assets and a cost-cutting exercise, the company has continued to lose money.
MATCH INFO
Manchester United 6 (McTominay 2', 3'; Fernandes 20', 70' pen; Lindelof 37'; James 65')
Leeds United 2 (Cooper 41'; Dallas 73')
Man of the match: Scott McTominay (Manchester United)
Book%20Details
%3Cp%3E%3Cem%3EThree%20Centuries%20of%20Travel%20Writing%20by%20Muslim%20Women%3C%2Fem%3E%3Cbr%3E%3Cstrong%3EEditors%3A%20%3C%2Fstrong%3ESiobhan%20Lambert-Hurley%2C%20Daniel%20Majchrowicz%2C%20Sunil%20Sharma%3Cbr%3E%3Cstrong%3EPublisher%3A%20%3C%2Fstrong%3EIndiana%20University%20Press%3B%20532%20pages%3Cbr%3E%3C%2Fp%3E%0A
Results
5pm: Al Maha Stables – Maiden (PA) Dh80,000 (Turf) 1,600m; Winner: Reem Baynounah, Fernando Jara (jockey), Mohamed Daggash (trainer)
5.30pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (T) 1,600m; Winner: AF Afham, Tadhg O’Shea, Ernst Oertel
6pm: Emirates Fillies Classic – Prestige (PA) Dh100,000 (T) 1,600m; Winner: Ghallieah, Sebastien Martino, Jean-Claude Pecout
6.30pm: Emirates Colts Classic – Prestige (PA) Dh100,000 (T) 1,600m; Winner: Yas Xmnsor, Saif Al Balushi, Khalifa Al Neyadi
7pm: The President’s Cup – Group 1 (PA) Dh2,500,000 (T) 2,200m; Winner: Somoud, Adrie de Vries, Jean de Roualle
7.30pm: The President’s Cup – Listed (TB) Dh380,000 (T) 1,400m; Winner: Haqeeqy, Dane O’Neill, John Hyde.
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
Results
Female 49kg: Mayssa Bastos (BRA) bt Thamires Aquino (BRA); points 0-0 (advantage points points 1-0).
Female 55kg: Bianca Basilio (BRA) bt Amal Amjahid (BEL); points 4-2.
Female 62kg: Beatriz Mesquita (BRA) v Ffion Davies (GBR); 10-2.
Female 70kg: Thamara Silva (BRA) bt Alessandra Moss (AUS); submission.
Female 90kg: Gabreili Passanha (BRA) bt Claire-France Thevenon (FRA); submission.
Male 56kg: Hiago George (BRA) bt Carlos Alberto da Silva (BRA); 2-2 (2-0)
Male 62kg: Gabriel de Sousa (BRA) bt Joao Miyao (BRA); 2-2 (2-1)
Male 69kg: Paulo Miyao (BRA) bt Isaac Doederlein (USA); 2-2 (2-2) Ref decision.
Male 77kg: Tommy Langarkar (NOR) by Oliver Lovell (GBR); submission.
Male 85kg: Rudson Mateus Teles (BRA) bt Faisal Al Ketbi (UAE); 2-2 (1-1) Ref decision.
Male 94kg: Kaynan Duarte (BRA) bt Adam Wardzinski (POL); submission.
Male 110kg: Joao Rocha (BRA) bt Yahia Mansoor Al Hammadi (UAE); submission.
WandaVision
Starring: Elizabeth Olsen, Paul Bettany
Directed by: Matt Shakman
Rating: Four stars
UAE currency: the story behind the money in your pockets
