UPDATE 1-State-backed Meraas plans buyout of theme park group DXB Entertainments | Reuters
Dubai property company Meraas, which owns more than half of DXB Entertainments, intends to make a conditional offer to acquire the remaining shares in the loss-making theme park group and take it private, stock exchange filings showed on Sunday.
Under the terms of the offer, minority shareholders in DXB Entertainments (DXBE) will be entitled to 0.08 dirhams ($0.0218) in cash for each DXBE share, valuing the company at 640 million dirhams ($174.25 million).
DXBE’s current market value is about 960 million dirhams, based on Refinitiv Eikon data.
“The board of DXBE is in the process of evaluating the offer and will update the market in due course,” the company said in a statement signed by its chairman, Abdul wahab Al Halabi.
State-backed Meraas currently holds 52.3% of DXBE, based on Refinitiv Eikon data. The Qatar Investment Authority and Kuwait Investment Authority own 10.98% and 5.07% respectively.
DXB Entertainments, which listed in 2014, last month reported that its accumulated losses as of the end of September stood at 6.2 billion dirhams, or 78% of its capital. It made a net loss of 238 million dirhams in the third quarter.
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