Hatch Asia, the firm that acquired Silver Heritage in order to recapitalise the operator, has appointed six new directors.
Australia.- Casino operator Silver Heritage Group has six new members on its board. The operator was recently been acquired by the Philippines-based firm HatchAsia, which intends to recapitalise the company.
As part of its takeover, Hatch has replaced six directors with new members.
Former CEO Mike Bolsover, Chairman Matthew Hunter and fellow director Darryl Kaplan are no longer associated with the company. They have been replaced by representatives from the new owner.
Among them are HatchAsia’s president and CEO Kirk A. Arambulo and DFNN Inc executive director Ramon C. Garcia Jr.
Also joining the new board is Rafael Jose D. Consing Jr, who is SVP and CFO of International Container Terminal Services, the Philippines shipping giant owned by the billionaire Enrique Razon Jr.
Razon is the founder, chairman and CEO of Bloomberry Resorts Corp, which owns Manila’s Solaire Resort and Casino.
HatchAsia acquired 92 per cent of the issued share capital in Silver Heritage, injecting AU$530,000 (US$410,000) in funding.
HatchAsia also promised to issue new shares to an equivalent value of AU$530,000, which was subsequently confirmed via an ASX filing earlier this month.
According to the firm, funds raised from the issuance of new shares will be used to settle debts.