A Malaysian based Non-Resident Nepalese, Indra Bahadur Thapa could soon be the new owner of Tiger Palace Resort Bhairawaha, a swanky 100 room resort with a casino near Lumbini for a whooping $33.9 million. Australian listed Silver Heritage Group, the current owner of the property has confirmed receiving a conditional, binding offer.
According to the Silver Heritage Group, the sale will proceed once Mr. Thapa deposits US $3 million into an escrow account by August 15, after which he will be given 30 days to conduct due diligence. Mr. Thapa will be paying US$20 million in cash and an extra US$13.9 million lending facility from several Nepalese banks.
Following Silver Heritage’s announcement to sell its Nepalese assets in May – it received three prominent bids, one from Chaudhary Group, another joint one from IME Group and Vishal Group, and a third one from Malaysian based entrepreneur. Thapa, who maintains a low media profile is said to be one of the richest NRNs abroad – his base is in Malaysia, however his businesses/investments expand beyond.
Explaining its reasons for contemplating the sale, Silver Heritage stated, “After careful analysis, in which the Board of the company considered the terms of the offer, including the absence of a superior offer, and in conjunction with the material uncertainty related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern as disclosed by the company, the Board has therefore decided to grant the buyer the right to conduct due diligence and exclusivity … to facilitate definitive transaction documentation.”
Silver Heritage added there was no guarantee the offer would result in a transaction and that it would continue to pursue other funding options in the meantime.
Silver Heritage was scouting prospective buyers of its Nepal operations following the sudden termination of a long-standing agreement to provide gaming management services at Phoenix International Club in Vietnam, which contributed around 45% of the group’s revenue in 2018.
