Australia-listed casino operator Silver Heritage Group Ltd will now be governed by the board of directors of HatchAsia Inc, a Philippine company, with six new directors replacing the board on Friday. HatchAsia’s President and CEO Kirk A.Arambulo and DFNN Inc ED Ramon C. Garcia Jr. will be among the new directors of the Southeast Asian casino operator.
Much before the pandemic struck in March, Silver Heritage was exploring options to generate liquidity and were ready to sell the shares. HatchAsia Inc thus came on board eight months ago and entered into the voluntary administration phase, with the previous board of directors being in the charge of the operation.
Now, that is, however, set to change as three former directors of Silver Heritage, including former CEO Mike Bolsover, Chairman Matthew Hunter and fellow director Darryl Kaplan, leaving the group to let HatchAsia’s President and CEO Kirk A. Arambulo and DFNN Inc Executive Director Ramon C. Garcia Jr. handling the running of the conglomerate.
It was confirmed by KPMG administrators who said that the Deed of Company Arrangement (DOCA) had now been fully effectuated and terminated with Silver Heritage and “control of the company now returned to the newly appointed directors.”
DFNN, a public listed company which recently became the first unit to receive a license from PAGCOR to offer domestic online gaming services under Philippine’s new PIGO scheme, has HatchAsia Inc’s 19% holdings. The takeover has now injected AU$530,000 (US$410,000) in funding into the company.