Silver Heritage says it has reached a settlement with its Nepali partner, who has sold his stake in a unit of the company to a new investor.
Silver Heritage and businessman Rajendra Bajgain have mutually agreed that their vision and objective in developing Nepal’s first IR has now been met and the partnership between the two has reached its natural conclusion, the company said in a filing with the Australian Stock Exchange.
Bajgain and his brother, Nabaraj Bajgain, have sold their stake in the unit that runs Silver Heritage’s Nepal operations to Tiger Kathmandu Investment, a hotel and general construction company.
Tiger now holds 10 percent of SHL Management Services and Silver Heritage the remaining 90 percent. The transaction has been approved by the Department of Industry.
Silver Heritage owns The Millionaire’s Club & Casino in Kathmandu and in March held the grand opening for the country’s first IR, the Tiger Palace Resort. The company is counting on strong demand from clients in neighbouring India to drive revenue.
The relationship with its Nepali partner soured earlier this year when Bajgain accused the company of illegally hiring foreign workers at the resort.