Silver Heritage Group has received government approval to raise the equity ceiling of its FDI-approved investing company, which it says will now give it the means to complete and open its resort in Nepal.
The Central Bank of Nepal gave approval to raise the amount of funds that can be transferred from the Silver Heritage Group to Silver Heritage Investment Pvt. Ltd, to NPR 5 billion (US$48.3 million), up from the initial NPR1.95 billion, according to a company filing to the ASX on Thursday.
Silver Heritage says the increased amount will now “comfortably” cover the remaining capital requirement needed to complete and open Tiger Palace Resort Bhairahawa.
“This was the last in a complex series of approvals for increasing our foreign direct investment in Nepal,” said Silver Heritage managing director and CEO, Mike Bolsover.
“This follows the approval by the Office of the Company Registrar to increase SHIPL’s authorized share capital (equity ceiling) to NPR5 billion. With the continued support of other government offices in Nepal… Silver Heritage has a clear and open pathway for inbound FDI to complete the build of the Indian subcontinent’s first integrated resort and continue to develop tourism in the Terai Region of Nepal,” said Bolsover.