International edition
September 28, 2021

Due to "shortage of liquidity" in country's banking system

Tiger Palace in Nepal facing "unanticipated" delays

Tiger Palace in Nepal facing
Silver Heritage Group says the opening of its Tiger Palace Resort Bhairahawa in Nepal will be pushed back as a result of “temporary unexpected delays”.
Nepal | 02/07/2017

Silver Heritage Group says the opening of its Tiger Palace Resort Bhairahawa in Nepal will be pushed back as a result of “temporary unexpected delays”.

T

he ASX announcement sent February 1, says a “shortage of liquidity in the Nepal Banking System” and “unanticipated delays in the issuance of approval for Silver Heritage to increase the equity ceiling of its corporate investment vehicle… [in order] to fund construction costs” has been the main reason for the delay in on-site activity.

The company says the process is expected to take several weeks.

The group has also increased its revenue expectation for 2016 as a result of improved trading performance in 16Q4.

Previously it released guidance that 2016 revenue is expected to be a minimum of US$16.75 million with adjusted EBITDA of a minimum of US$3.09 million.

But the company says it now expects sales revenue for 2016 to be US$16.9 million, with expected adjusted EBITDA to be around US$3.3 million.

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