GGRAsia – Silver Heritage exploring funding other than Nepal sale

Silver Heritage exploring funding other than Nepal sale

Sep 11, 2019 Newsdesk Latest News, Rest of Asia, Top of the deck

Boutique Asian casino operator Silver Heritage Group Ltd says it is continuing to negotiate with the entrepreneur seeking to acquire its Nepal operations, but “on a non-exclusive basis”, as the potential buyer is yet to settle the payment of a US$3 million deposit.

Silver Heritage said on July 31 that it had received – from an individual called Indra Bahadur Thapa – a US$33.9-million offer to buy its Nepal operations. Silver Heritage owns and operates the casino property Tiger Palace Resort Bhairahawa (pictured) on Nepal’s border with India. The group also manages gaming at the Millionaire’s Club and Casino, in Kathmandu, the capital of Nepal.

The company had extended until September 10 – from the original August 15 date – the deadline for the potential buyer to pay the deposit, after which it would grant a 90-day exclusivity negotiation period to the suitor.

“Although this deadline has now passed and the deposit not yet been paid by the buyer, in circumstances which remain beyond the control of either party, the company will continue to work with the buyer on a non-exclusive basis while also exploring alternative strategic funding opportunities,” Silver Heritage told the Australian Securities Exchange on Wednesday.

It added: “The company will keep the market informed of any further developments in this regard.”

Silver Heritage said earlier this month that its financial statements could not be prepared on a going concern basis – as required under Australian Accounting Standards – as it is currently negotiating the sale of its Nepal operations. As a result, the company said it would delay the publishing of its interim financial statements.