GGRAsia – Silver Heritage listed on ASX as of Monday

Silver Heritage listed on ASX as of Monday

Aug 29, 2016 Newsdesk Latest News, Rest of Asia, Top of the deck, World

Silver Heritage Group Ltd, a firm operating casinos and slot machine halls in Southeast Asia, is to list on the Australian Securities Exchange (ASX) today (Monday). The company will begin trading following an AUD25-million (US$18.8-million) initial public offering (IPO).

Silver Heritage offered 62.5 million ordinary shares in the company at an offer price of AUD0.40 per share. “On listing, the indicative market capitalisation of the company post-listing is approximately AUD80 million,” the company said in a statement on Saturday.

Silver Heritage operates and manages a casino in Nepal, manages a casino in Vietnam, and leases electronic gaming machines to casinos in Laos and Cambodia.

The firm said the funds from the IPO “will primarily be used for development and completion of Tiger Palace Resort Bhairahawa,” a casino resort in Nepal close to the Indian border. The scheme – mainly targeting Indian customers – is scheduled to open in the first quarter of 2017, said Silver Heritage.

“The new hotel casino resort will be a welcome alternative entertainment and leisure destination for an expanding demographic of Indian tourists,” said the company in the latest statement. “Over 430 million Indians live within a day’s drive of the Nepal border and entry to and exit from Nepal is visa-free for Indian nationals,” it added.

The company has had operations in Nepal since 2012. It says it made a successful application for a licence to operate The Millionaire’s Club and Casino in Kathmandu in early 2015.

Silver Heritage manages the Phoenix International Club (pictured) near Hanoi, in Vietnam, which is one of only seven licensed casinos in Vietnam, according to the firm’s website.

The company said its core growth strategy would be to focus on developing casino resorts on the India-Nepal border “where there is strong demand from the emerging Indian middle class residents in the Indian states bordering Nepal who currently have restricted access to gaming facilities”.