Nepal

Silver Heritage Group has received government approval to raise the equity ceiling of its FDI-approved investing company, which it says will now give it the means to complete and open its resort in Nepal.

In early June, a nondescript three-storey yellow building in a smart area of Lalitpur, south of the Nepalese capital Kathmandu, became the site of one of the biggest crackdowns on illegal gambling in the country.

 

In early June, a nondescript three-storey yellow building in a smart area of Lalitpur, south of the Nepalese capital Kathmandu, became the site of one of the biggest crackdowns on illegal gambling in the country. It was found due to a series of raids cracking down on illegal gambling, which has risen since Nepal introduced new legislation to raise standards in its casinos, with a locals ban now strictly enforced.

 



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Australia-listed Silver Heritage Group on Tuesday said it had completed the institutional component of its fully underwritten accelerated renounceable entitlement offer.

Silver Heritage chairman David Green says the company is close to completing negotiations which would bridge the financing gap for its Nepal-located Tiger Palace resort.

Nepal’s economy is forecast to grow at the fastest pace in 20 years in 2017, with tourism arrivals also recovering, helping to attract foreign investment into its casino sector.

Australia-listed Silver Heritage Group said talks are continuing with potential investors to raise funding to finalize its integrated resort project in Nepal.

Nepal’s economy is forecast to grow at the fastest pace in 20 years in 2017, with tourism arrivals also recovering, helping to attract foreign investment into its casino sector.

Nepal’s economy is forecast to grow at the fastest pace in 20 years in 2017, with tourism arrivals also recovering, helping to attract foreign investment into its casino sector. Foreign investors are now moving back into the country and the casino sector. During the Nepal Investment Summit  in March a total of $13.7 billion was pledged in foreign direct investment, with the bulk from China. About $10 million was earmarked for tourism and casinos are reopening.

 



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Australia-listed Silver Heritage Group has increased the budget for its integrated resort in Nepal by A$18 million ($13.8 million) to $70.3 million and said it’s in the process of raising more capital.

Australia-listed Silver Heritage Group has appointed a new team to manage the development of its delayed integrated resort project in Nepal.

Silver Heritage Group Ltd. posted a widened net loss of US$4.6 million for the 2016 financial year, according to the company’s filing to the Australian Stock Exchange.

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