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Head of world's largest indoor theme park denies report of business sale

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Head of world's largest indoor theme park denies report of business sale

Ilyas & Mustafa Galadari Group denied a recent report that the company is considering a partial or outright sale of its Dubai-based IMG Worlds of Adventure, which is said to be the world's largest indoor theme park, Bloomberg News reported, citing IMG Theme Park LLC CEO Lennard Otto.

The news outlet earlier quoted people with knowledge of the matter as saying that the company was weighing various options for the business, including a potential sale or an IPO, after facing difficulty in restructuring a loan of 1.2 billion UAE dirhams. The unnamed sources added that the company was in the initial stages of the talks.

Otto denied the purported sale in an emailed response to Bloomberg, adding that the company is in advanced discussions with banks "on our syndicate-loan restructuring to support the business."

As of March 13, US$1 was equivalent to 3.67 UAE dirhams.