DXBE
Dubai – Mubasher: DXB Entertainments announced that its general assembly meeting on Tuesday approved an agreement to receive AED 700 million subordinated loan from the company’s main shareholder, Meraas Holding.
The subordinated loan includes an amount of AED 245.2 million withdrawn in September, the company said in a statement to the Dubai Financial Market (DFM) on Wednesday.
There is no pay-off period for the loan, DXB Entertainments added, noting that its annual interest was fixed at 8%.
The UAE-based company stated that the loan will cover pre- and post-operational expenses, in addition to paying outstanding loan payments on 31 January 2018.