A week after announcing that it had secured the funding needed to complete construction of Tiger Palace Resort in Nepal, Silver Heritage Group has completed the final piece of the puzzle with the Central Bank of Nepal approving the transfer of funds to local investing company Silver Heritage Investment Private Ltd (SHIPL).
The amount transferrable has been increased from NPR1.95 billion (AU$24.8 million) to NPR5 billion (AU$63.7 million), with the company confirming that the increase “now comfortably covers the remaining capital requirement expenditure with Nepal to complete and Open Tiger Palace Bhairahawa.”
Silver Heritage Managing Director and CEO Mike Bolsover said, “This was the last in a complex series of approvals for increasing our Foreign Direct Investment in Nepal and we welcome the confirmation from the Nepal Rastra Bank. This follows the approval by the Office of the Company Registrar to increase SHIPL’s authorised share capital (equity ceiling) to NPR5billion.
“With the continued support of other government offices in Nepal including the Department of Industry, Ministry of Tourism, Ministry of Finance and the Office of the Prime Minister, Silver Heritage has a clear and open pathway for inbound FDI to complete the build of the Indian subcontinent’s first Integrated Resort and to continue to develop tourism in the Terai Region of Nepal.”
Silver Heritage revealed earlier this week that it will launch the Retail Tranche of its institutional entitlement offer today, which will be available until Wednesday 26 July and is expected to raise around AU$8.7 million.
Last week the group confirmed the final budget for completion of Tiger Palace resort had increased by US$11.8 million from its original estimated cost to US$51.8 million.
