Philippines-based HatchAsia has proposed a plan that would give it control of casino operator Silver Heritage. The plan includes an AU$530 million (US$387 million) cash infusion for the company, which announced in May that it was going into voluntary liquidation after the Covid-19 crisis forced the closure of its Tiger Palace property in Nepal.
According to Asia Gaming Brief, Silver Heritage’s primary lender, OCP, has refused to extend further financial support.
Hatch will buy shares equivalent to 92 percent of SVH’s issued shares from existing shareholders and the issue of new shares. The HatchAsia shareholder-controlled entity would be listed on the Australian Stock Exchange and Philippine affiliate DFNN would own part of the entity.
“As a shareholder, we welcome and look forward to the foray of HatchAsia in the international market,” said Calvin Lim, CEO of DFNN and incoming director of HAI. “A move that will consequently provide us better access to a wider capital base as well as create new business streams for a larger audience reach that will pave the way for more Philippine businesses to globalize. Tapping the Australian capital market for this provides a conducive environment for the nature of our businesses and allows DFNN to fully value its early investments in HatchAsia.”
At a meeting late last month, creditors agreed to the proposal, which must be approved by shareholders.
HatchAsia is involved in projects ranging from strategic consulting, software development, land-based deployment and back office processing, AGB reported.
