Some eight months after being placed into administration by its main lender and Asian casino operator Silver Heritage Group Limited has now reportedly been officially purchased by Philippines enterprise HatchAsia Incorporated.
According to a report from Inside Asian Gaming, the Sydney-listed firm behind The Millionaire’s Club and Casino inside Nepal’s Shangri La Hotel and Resort was placed under the control of audit specialist KPMG in May after being unable to meet its debt obligations to backer OCP Asia. The source detailed that the company had strayed into the red owing to the delayed December of 2017 launch of its Tiger Palace Resort Bhairahawa venue alongside the loss of the contract to run gambling operations inside Vietnam’s Phoenix International Club, which had accounted for approximately 45% of its revenues.
HatchAsia Incorporated now reportedly controls 92% of the share capital in Silver Heritage Group Limited after injecting around $410,000 in fresh funding and pledging to issue new shares with an aggregated value of roughly $409,700. The Manila-headquartered company purportedly explained that the proceeds from this latter exercise will be utilized to settle debts held by its latest acquisition, which moreover owns an 18.4-acre plot of land in the extreme southeastern corner of Nepal that had been due to host the envisioned Tiger Palace Resort Jhapa venue.
The arrangement has reportedly furthermore seen Silver Heritage Group Limited’s former Chief Executive Officer, Mike Bolsover, alongside fellow directors Darryl Kaplan and Matthew Hunter end their association with the firm and stand down from its board. They have purportedly been replaced by representatives of the new owner including the President and Chief Executive Officer for HatchAsia Incorporated, Kirk Arambulo.
Philippines information technologies supplier DFNN Incorporated owns a 19% stake in HatchAsia Incorporated and as such has reportedly named its Executive Director, Ramon Garcia, to the new-look board of directors for Silver Heritage Group Limited. This body is to purportedly moreover consist of Rafael Jose Consing, who serves as Chief Financial Officer for the International Container Terminal Services Incorporated shipping enterprise owned by the billionaire businessman behind casino operator Bloomberry Resorts Corporation, Enrique Razon.