Philippine Firm Approves Silver Heritage Capital Expansion

A Philippine-based company seeking insolvency and mergers and acquisitions said it received a "objection" from Australian-listed Asian casino operator Silver Heritage Group Inc. that the Philippine company acquired a 92% stake in the casino company through a subsidiary.

The news came in a filing with the Philippine Stock Exchange on Wednesday by DFNN Inc. The latter company reportedly owns an 18.98% stake in HatchAsia Inc., a company seeking to expand Silver Heritage's capital.

Founded in 1999, DFNN describes itself as an "information technology solutions and systems integrator."

Silver Heritage developed Tiger Palace Resort Bairahawa, a casino property in Nepal that sits on the border with India. It began operating the game in December 2017.

Australia-registered Hatch Asia division - Hatch Australia Holdings Pty Ltd - will be the realisation of the recapitalisation of Silver Heritage, a company listed on the Australian Stock Exchange.

In a letter to the Australian Exchange on Thursday, professional services company KPMG confirmed that the company's clearing certificate had been "executed by all relevant parties" on Sept. 15. The letter noted that the recapitalization is subject to approval by Silver Heritage shareholders. The letter said the expected completion date is this month.

KPMG has written on behalf of the appointed administrators and administrators handling Silver Heritage's work, respectively.

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