Silver Heritage Group to complete its Nepal casino

The central bank has given Silver Heritage Group Ltd permission to move money cross-border to complete its Nepal casino resort.

Nepal.- The Tiger Palace Resort is close to being completed and finally opened as Silver Heritage Group Ltd has been cleared by the central bank to move money cross-border. The US$48.3 million transfer “comfortably covers the remaining capital requirment expenditure within Nepal” to do so, the firm noted in a filing to the Australian Securities Exchange.

“A shortage of liquidity in the Nepal banking system and unanticipated delays in the issuance of approval for Silver Heritage to increase the equity ceiling of its corporate investment vehicle in Nepal,” the operator had notified its investors in a February regulatory announcement. As GGRAsia reported, those delays lead the firm to suspend trading in its shares.

Last week, 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 statement.