DXB Entertainments shareholders will get paid by June 7

Dubai theme park Company, DXB Entertainments shareholders will get their cash by June 7 on Meraas takeover.

Meraas, the Dubai Company that now already owns more than 90 per cent in the company. The shares, bought for 8 fils a share, will see Meraas end up with full ownership of DXBE, which will also be de-listed from Dubai stock market.

The takeover, first announced in December, represents a bold move by Meraas to draw a line under DXBE’s mounting financial problems, which increased with the closures to tackle COVID-19’s spread. DXBE owns and operates Dubai Parks in Jebel Ali.

Meraas has issued a notice to minority shareholders to this effect. To get their cash, the shareholders must have registered with Dubai CSD at Dubai Financial Market.

“If any of DXBE’s shareholders did not register a payment method with Dubai CSD, such shareholder may face significant delays in receipt of the cash payable for his/her shares,” DXBE said in a statement.

All remaining DXBE shares - not already owned by Meraas - will be re-registered in favour of the master-developer in 60 days from April 1.