Dubai: Theme park operator DXB Entertainments has now incurred accumulated losses of AED 8.16 billion.
But in terms of the accumulated losses to the capital ratio, the owner of Dubai Parks and Resorts has felt some relief. As compared to 98 per cent, it is now at 13 per cent after converting the company’s convertible bonds into new shares. The current issued capital is Dh62.82 billion.
In addition, Meraas, the main developer in Dubai, has acquired the principal debt that DXB Entertainments had, which has bought the company in full. Meraas announced last year that it is in the process of taking this step, as there are only a few options left for DXB Entertainments to deal with the debt burden.
Meraas has already raised its stake to over 90 percent and it is only a matter of time before it buys the rest. After that, DXB Entertainments’ shares will be removed from the Dubai Financial Market.