Casino op Silver Heritage gets new board of directors

Jan 25, 2021 Newsdesk Latest News, Rest of Asia, Top of the deck, World  

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The administrators of Australia-listed casino operator Silver Heritage Group Ltd said in a Friday filing that they had “returned” control of the company to a new slate of directors, following the takeover by HatchAsia Inc.

In November, Philippines-based HatchAsia said it had obtained from Australia’s Foreign Investment Review Board a “letter of no objection” to its plan of acquiring – via a subsidiary – a 92-percent interest in Silver Heritage.

Silver Heritage developed the casino property Tiger Palace Resort Bhairahawa (pictured in a file photo), on Nepal’s border with India.

According to Friday’s filing, administrators from professional services firm KPMG said a deed of company arrangement had “now been fully effectuated … and has terminated,” with control of the company now “returned to the newly appointed directors.”

Three former directors of Silver Heritage are no longer associated with the company, including ex-chief executive, Mike Bolsover.

Representatives of the new owners are now in control of the casino firm, among them HatchAsia’s president and CEO Kirk Arambulo, and DFNN Inc executive director, Ramon Garcia Jr.

DFNN – which said recently it had negotiated rights to a Philippine Inshore Gaming Operator or “PIGO” licence – is said to own 18.98 percent of HatchAsia.

Also on the new board is Rafael Consing Jr, senior vice president and chief financial officer of International Container Terminal Services Inc, a company founded by Philippine entrepreneur Enrique Razon Jr.

Mr Razon is also chairman and CEO of Bloomberry Resorts Corp, developer and operator of Solaire Resort and Casino in Manila.

 

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