Dubai – Mubasher: The ordinary general meeting (OGM) of DXB Entertainments has approved raising its capital by AED 53.391 billion to AED 62.82 billion, according to a bourse filing on Wednesday.

The OGM nodded to the conversion of the company's senior bank debt acquired from Emirates NBD and Dubai Islamic Bank (DIB) by Meraas Leisure and Entertainment with an outstanding balance of AED 4.27 billion as of 28 February 2021.

The bank debt will be converted into 53.391 billion new ordinary shares of AED 1 each in the DXBE share capital at a conversion price of AED 0.08 per share.

The listing of the conversion shares on the Dubai Financial Market (DFM) has also been authorised.

It is noteworthy to mention that in 2020, the company's net losses increased to AED 2.657 billion, compared to AED 854.554 million during the previous year.