DFNN cleared to recapitalise Silver Heritage

An Australian subsidiary of Hatch Asia will be able to subscribe 92 per cent of the existing shares of the casino developer.  

Australia.- Hatch Asia, a subsidiary of the Philippines game technology firm DFNN, has received the green light from the Australian government to acquire and recapitalise the Nepal-focused casino developer Silver Heritage.  

In a filing to the Securities and Exchange Commission (SEC), DFNN said HatchAsia’s wholly-owned Australian subsidiary had received a letter of no objection from Australia’s Foreign Investment Review Board (FIRB), which would clear the way for foreign investment in the Australian firm.  

Recently Hatch Australia Holdings proposed to acquire 92 per cent of Silver Heritage Group. 

If approved, the operation will be via the acquisition of shares equal to approximately 92 per cent of the issued share capital of Silver Heritage, through consolidation of shares of existing shareholders and a new issue of ordinary shares to a new Australian subsidiary, Hatch Australia Holdings Limited. 

In August, DFNN said the transaction would cost AUD530,000 (US$385,589) in cash and 3 per cent of the issued shares in Silver Heritage.