UAE entertainment firm denies dual listing on Tadawul

UAE entertainment firm denies dual listing on Tadawul
(Photo Credit: Company website)
DXB Entertainments DXBE -1.55% 0.64 -0.01

Dubai – Mubasher: DXB Entertainments on Wednesday denied news that it was planning to list its stocks on the Saudi Stock Exchange (Tadawul).

“While the Saudi Arabian market is an important one, [DXB] is currently not exploring a dual listing of its shares in the Saudi or any other market,” the company said in a filing to the Dubai Financial Market (DFM).

It added that the suggestion was made by an individual shareholder at the company’s ordinary general meeting (OGM) on Tuesday, who proposed a dual listing of the company’s stocks on Tadawul.

The vice chairman of the board said that “the merits of the suggestion will be discussed at the next board meeting,” according to the statement.

In February, the Dubai-listed entertainment company announced opening the first Legoland Hotel in the Middle East at Dubai Parks and Resorts. A 60:40 joint venture with Merlin Entertainments Group, the hotel is situated adjacent to the existing Legoland Dubai theme park.

DXB reported widening its losses by 337% to AED 485 million in 2016, from AED 111 million in 2015.

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Source: Mubasher