DXB Entertainments, the Dubai-based leisure and entertainment company and operator of the emirate’s major theme parks, has said that it has won approval from shareholders to transfer $1.3 billion debt to the UAE developer Meraas Leisure and Entertainment, in exchange for 53 billion ordinary shares.

The go-ahead for the Meraas debt conversion came from the shareholders during DXB Entertainments’ general assembly, which was held on March 9, 2021.

As per a filing made to the Dubai Financial Market, the exchange will see DXB Entertainments convert its debts with Emirates NBD into ordinary shares valued at AED1 each in the share capital of the company at a conversion rate of AED0.08 per share.

Furthermore, shareholders also approved the board’s proposal to increase the issued share capital of the company from $14.5 billion to $17 billion and backed the listing of the conversion shares on the DFM.