Dubai: DXB Entertainments said it has reached an agreement with its majority shareholder, Meraas, for a subordinated loan of Dh245 million.
The loan will take the form of an interest bearing unsecured subordinated shareholder loan with no fixed maturity. The loan will be used to fund operational expenses and debt repayments and will be drawn down immediately. DXBE is currently reviewing its ongoing financing requirements.
“Our strategy is to enhance DXB Entertainments’ position as the region’s largest manager of leisure and entertainment offerings, enabling the business to build revenue across a range of assets,” Mohammad Al Mulla, CEO, DXB Entertainments PJSC, said.
“Meraas has been a great supporter of our business, and remains a valuable partner and committed to the long-term success of DXB Entertainments. This loan will enable the business to execute on its strategy which will generate value for its shareholders over the long-term,” Al Mulla added.
