#Dubai Financial Market suspends trading in DXBE shares | Markets – Gulf News

Dubai Financial Market suspends trading in DXBE shares | Markets – Gulf News

Dubai Financial Market suspended trading in shares of DXB Entertainments PJSC (DXBE) on Sunday following the mandatory acquisition of its shares by Meraas Leisure and Entertainment (Meraas).

All remaining DXBE shares not already held by Meraas or Meraas Holding will be re-registered in the name of Meraas in DXBE’s share register.

Meraas will settle any cash consideration due to those remaining DXBE shareholders through the relevant payment method as registered with Dubai CSD at by such DXBE shareholders.

General Assembly meeting of DXBE shareholders held on March 9 approved the proposal by Meraas Leisure and Entertainment LLC (Meraas) to acquire the 100 per cent share in DXBE.

A special resolution at the shareholders' meeting approved the conversion of the senior bank debt of the company acquired from Emirates NBD and Dubai Islamic Bank by Meraas as at 28 February 2021 with an outstanding balance as at 28 February 2021.

The balance including principal and accrued interest outstanding of Dh4.27 billion will be converted into 53,391,475,304 new ordinary shares of par value Dh1 each in the share capital of the company at a conversion price of Dh0.08 per share.