Friday, April 16, 2021

DXB Entertainments CEO Mohamed Almulla resigns in midst of Meraas acquisition bid

December 31, 2020 — DXB Entertainments PJSC today announced that the Board of Directors has accepted the resignation of Mohamed Almulla (above) and has appointed Remi Ishak as Acting CEO effective January 1, 2021. Mr. Ishak will continue to serve in his role as CFO.

Mr. Ishak has over a decade and a half of regional and international leadership experience in the real estate and hospitality sector and has been the CFO of DXB Entertainments since April 2020. He will focus on ensuring the smooth continued operations of the company while the Board of Directors continues its search for a permanent CEO.

DXB Entertainments is the owner of Dubai Parks and Resorts, the region’s largest integrated theme park destination, with four Theme Parks  two hotels (LEGOLAND® Hotel under development), and one retail and dining facility, all spread over 30.6 million sq ft of land, with an estimated AED 13.2 billion in development costs.

DXB Entertainments also manages six Dubai-based family entertainment centres in addition to a chain of cinemas, all owned by Meraas Holding, its parent company.

On December 20, 2020, Meraas Leisure and Entertainment LLC notified the board of directors of DXB Entertainments that it intends to make a conditional cash offer to acquire 100% of the issued and paid up ordinary shares of DXBE.

As at December 16, 2020, Meraas had an ownership interest representing 51.82% (being 4,145,165,659 shares) and Meraas Holding had an ownership interest representing 0.48% (being 38,233,371 shares) of the shares in DXB Entertainments (equating to an aggregate ownership by Meraas and Meraas Holding of 52.29% of DXBE’s share capital).

Under the terms of the Offer, holders of shares in DXBE (excluding Meraas and its affiliate, Meraas Holding) will be entitled to receive AED0.08 in cash for each DXBE Offer Share.

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