Silver Heritage suspends trading over delays

ASX-listed Silver Heritage Group Ltd. has been granted a temporary trading suspension of its stocks from February 27, 2017.

The company said unexpected delays in the completion of its Nepal resort led to the request, as it requires time to review the impact of the delays.

“The board has been conducting a review of the impact of these delays and the initial results of these investigations have suggested that the delays may have a material effect on the completion date and final project cost of Tiger Palace Resort Bhairahawa,” said Silver Heritage managing director and CEO Mike Bolsover in a letter to the ASX on Monday.

“Silver Heritage requests a voluntary suspension to enable the company to manage its continuous disclosure obligations so that the board may complete its investigations to determine the extent of the anticipated delay and increase in project cost in order to properly inform the market,” the letter read.

The company has requested the suspension remain in place until the board is able to release an announcement on the updated completion date and final project cost of its new resort, which it expects to take approximately two to three weeks.

In other news, developers say the long-planned upgrade of Gautam Buddha Airport in Bhairahawa into an international airport is starting to take shape, and is expected to be complete by June 2018.

According to project officials, the airport is aiming to be 50 percent complete by the fiscal year ending mid-July 2017. 

As Nepal’s second international airport, the Gautam Buddha Airport is expected to serve 760,000 passengers after the completion of the first phase. By the second phase, it will expect to handle up to 2 million passengers.