Only a week after declaring that it had secured a parcel of property for the purposes of constructing its third casino in Nepal and Silver Heritage Group Limited has reportedly been granted a temporary suspension into the trading of its stock to the Australian Securities Exchange.
Company focused on ‘capital raising’:
According to a report by GGRAsia, this is the next time in the previous 19 months that Silver Heritage Group Limited has been granted such a block and comes since the Hong Kong-based firm is endeavoring to finish a ‘funding raising’ exercise associated with the plan because of its pictured Nepalese venue.
Planned portfolio expansion:
Last week saw the Sydney-listed operator, which conducts the Phoenix International Club near Hanoi, finish a deal worth approximately $3.2 million for an 18.4-acre plot in the agriculturally fertile Jhapa District of Nepal for the purposes of constructing its Tiger Palace Resort Jhapa development.
Closing terms ‘still being finalized’:
In an official Monday filing, the team allegedly explained that the trading suspension was essential because the last provisions of its attempts to bring in more money were lsquo;still being finalized. ’ It’s also comprehensive that the block was lsquo;pending the launch of an announcement regarding a funding raising and alterations to the conditions of bonds.
Losses mount despite revenues upturn:
In an associated trading upgrade (pdf), the casino operator allegedly declared that its total losses for the six months since the Beginning of 2018 had climbed by over 182% year-on-year to reach in excess of $9.9 million principally due to lsquo;the extra costs and depreciation related to ’ the launch of its Tiger Palace Resort Bhairahawa venue…
Additionally, it proclaimed that the half-year period had seen it deal with ‘added interest costs no more capitalized after the conclusion ’ of this $40 million job although its total revenues for the period had shrunk by 40.2% to hit $11.2 million.
