HatchAsia Inc, a Philippine company, has completed the takeover of Australia-listed casino operator Silver Heritage Group Ltd.
Silver Heritage operated Tiger Palace Resort Bhairahawa on Nepal’s border with India and the Millionaire’s Club in Kathmandu. Eight months ago, the company entered into voluntary administration.
The board will now be replaced by six new directors. Three former directors of Silver Heritage, including former CEO Mike Bolsover, are no longer associated with the company; they are set to be replaced by HatchAsia’s President and CEO Kirk A. Arambulo and Ramon C. Garcia Jr, executive director of DFNN Inc that owns almost 19% of HatchAsia. Another member of the board is Rafael Consing Jr, senior vice president and CFO of International Container Terminal Services Inc
Administrators at KPMG, a professional services firm, stated Silver Heritage’s deed of company arrangement has been terminated and the “control of the company now returned to the newly appointed directors.”
Prior to the takeover, Silver Heritage explored options to generate liquidity and managed to find interested parties, but with the COVID-19 outbreak and various closures, “the timing in relation to consummating one of the transactions has become uncertain.”
HatchAsia acquired 92% of issued share capital in Silver Heritage, injecting AU$530,000 (US$410,000) in funding into the company. HatchAsia also issued new shares worth AU$530,000.