Philippine Firm Okayed to Recapitalise Silver Heritage

A Philippines-based firm seeking to recapitalise the insolvent and in-receivership Australia-listed Asian casino operator Silver Heritage Group Ltd, is said to have obtained from Australia’s Foreign Investment Review Board, a “letter of no objection” to the Philippine firm acquiring – via a subsidiary – a 92-percent interest in the casino firm, GGRAsia reported. The news was given in a Wednesday filing to the Philippine Stock Exchange by DFNN Inc. The latter company is said to own 18.98 percent of HatchAsia Inc, the firm seeking to recapitalise Silver Heritage. DFNN, founded in 1999, describes itself as an “information technology solutions and systems integrator”. Silver Heritage developed the casino property Tiger Palace Resort Bhairahawa, on Nepal’s border with India. It began gaming operations in December 2017. Read more