Mohamed Almulla, CEO of the loss-making DXB Entertainments in Dubai, has stepped down with immediate effect.
Mohamed Almulla is to be replaced in an acting capacity by CFO Remi Ishak, it is reported.
DXB - Dubai Parks and Resorts - is a huge operator of theme parks in the United Arab Emirates, running three parks, Motiongate, Bollywood, Legoland and the Legoland water park.
DXB made the announcement on Friday (January 1) after a filing to the Dubai Financial Market the previous day. The acting CEO will continue as CFO – a position he took up in April – at the same time as taking on the CEO duties, "focusing on ensuring the smooth continued operations of the company while the board continues its search for a permanent CEO."
The surprise move comes at a time when the board is considering an offer from its largest shareholder, local development company Meraas, to buy out the remaining stock and take the company off the market into private hands.
DXB has not revealed the reason for Almulla’s resignation.
Meraas currently has a 52.29 per cent stake in DXB and has offered to take over the debt of US$1.16bn and convert a $1.48bn bond for newly issued shares, taking its holding up to 93.92 per cent. DXB showed a loss of $274m for the first nine months of 2020 and total accumulated losses reached $1.68bn at the end of September 2020.
