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DUBAI: Do you remember the last time you went to the cinema? How about the film you most recently watched on a video streaming? The pandemic has kicked up a seismic shift in viewership trends. Streaming platforms such as Netflix, Amazon Prime Video, Starzplay, Disney+ and more have seen a surge in numbers as traditional avenues of entertainment struggle to return to normalcy.
At the peak of the pandemic, many skipped the theatres last year to see the warped reality that Christopher Nolan presented in
Tenet, yet will be able to name all the movies releasing on Amazon Prime Video this month.
DXB Entertainments to name advisors to study Meraas bid
DUBAI, December 28, 2020 DXB Entertainments, the UAE-based leisure and entertainment company, said it will soon be appointing financial and legal advisors to evaluate the bid offer from UAE-based Meraas Leisure and Entertainment. A majority shareholder of DXBE, Meraas Leisure & Entertainment is a key regional player focusing on developing and operating world-class leisure and entertainment destinations and attractions. DXB Entertainments is the owner and operator of Dubai Parks and Resorts, the region’s leading integrated leisure and entertainment destination. In its filing to Dubai Financial Market, DXB Entertainments said it will be considering a resolution on December 30 for review and approval on the appointment of the advisors for evaluating Meraas’ bid offer.
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Dubai: Meraas Leisure and Entertainment LLC (Meraas), a holding company with multiple landmark projects across Dubai, Sunday announced its intention to undertake a capital restructuring of DXB Entertainments PJSC (DXBE).
The proposal also includes a conditional cash offer to acquire 100 per cent of the issued and paid up ordinary share capital of the DXBE.
“As the majority shareholder of DXBE, Meraas intends to launch the proposed offer to support DXBE’s prospects given its financial condition,” Meraas said in a statement.
The proposed transaction intends to provide DXBE with a sustainable capital structure, by reducing debt, amidst a challenging market environment. Under the terms of the proposed offer, DXBE’s shareholders will be entitled to receive Dh0.08 in cash for each share held through participation in a tender offer which, subject to the satisfaction of certain conditions, is expected to be launched in January 2021.
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Meraas Leisure and Entertainment on Sunday announced plans to undertake a capital restructuring of indebted theme parks operator DXB Entertainments in a move that would also lead to it taking the company private.
The company, which along with its parent Meraas Holding, owns a 52.29 per cent stake in the operator of the Dubai Parks and Resorts theme parks, is planning to convert most of the company s outstanding debt into newly-issued shares, which will increase the size of its holding to 93.92 per cent. It will also launch a tender offer to buy out remaining stakeholders.
“The proposed transaction intends to provide DXBE with a sustainable capital structure, by reducing debt, amidst a challenging market environment,” Meraas, the majority shareholder of DXB Entertainments, said.