Investment bank UBS has bought more than 39 million shares in Silver Heritage Group, the Australia-listed gaming operator behind a US million casino under development in Nepal.
The July 10 purchase, made through an Australian subsidiary of the bank, raises UBS’ holding in Silver Heritage (ASX: SVH) to roughly 44 million shares, a 10.9 percent stake.
Credit Suisse Group, meanwhile, has acquired 23.2 million SVH shares in the company, good for 6.74 percent of the company.
Silver Heritage, which operates casinos in Vietnam and Nepal, is looking to raise US$14.4 million to complete the new Nepal resort, its most elaborate to date, by offering existing shareholders an option on two new shares for every share they hold at an offer price of five Australian cents a share. The offer is scheduled to close July 26.
Silver Heritage believes Tiger Palace Resort Bhairahawa, as the development is called, will be a significant draw for the lucrative India market, but it has suffered delays due to cost overruns, regulatory snags and other problems. The company has since installed new management to oversee it and expects to have it open later this year.
