Silver Heritage completes Nepal funding

The company said that it raised the necessary funds to complete the upcoming Nepal casino.

Nepal.- The Australian based company Silver Heritage Group announced that the funds needed to complete the Tiger Palace Resort Bhairahawa in Nepal had been raised. The central bank cleared the company to move money cross-border earlier this month.

Silver Heritage also confirmed the completion date for the hotel, bills and hospitality areas as September 2017. Moreover, the gambling floors and VIP gaming areas are expected to be completed by November 2017, as AGBrief confirmed today. During the first week of the month, the company launched a fully underwritten share entitlement offer to help complete the property. The offer targeted gross profit of nearly US$14.4 million and the money will provide working capital and pay the costs of the entitlement offer.

Silver Heritage announced that, following the completion of the institutional part of its entitlement offer, trading in its shares would restart. “This was the last in a complex series of approvals for increasing our foreign direct investment in Nepal, and we welcome the confirmation from the Nepal Rastra Bank,” managing director and chief executive at Silver Heritage Mike Bolsover said in a previous statement.