Silver Heritage Group will recommence its search for a buyer of its Nepal assets after the original offeror missed a deposit deadline for the second time.
The company revealed on Wednesday that local businessman Indra Bahadur Thapa, who made a conditional, binding offer in July to purchase its operations for US$33.9 million, had failed to deposit a previously agreed US$3 million deposit into an escrow account by the 10 September deadline. Thapa had previously missed the initial deadline of 15 August “due to reasons outside of the control of either the company or the buyer.”
Silver Heritage said that while this latest incident was also beyond the control of both parties, the potential sale would no longer be exclusive.
“Although this deadline has now passed and the deposit not yet been paid by the buyer, in circumstances which remain beyond the control of either party, the Company will continue to work with the buyer on a non-exclusive basis while also exploring alternative strategic funding opportunities,” it said.
Silver Heritage owns and operates Tiger Palace Resort in Bhairahawa and the Millionaire’s Club and Casino in Kathmandu.
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