In a regulatory filing, DFNN said a deed of company arrangement had been executed with control of Silver Heritage given to the new management group, among them HatchAsia president and CEO Kirk A. Arambulo and DFNN executive director Ramon C. Garcia Jr.
The deal, valued at $410,000, would give DFNN, which owns nearly 19% of HatchAsia, access to Australia’s capital market.
Silver Heritage, which operated the Tiger Palace Resort in Nepal and the Phoenix International Club in Vietnam, entered into voluntary administration eight months ago due to cashflow problems.
Also joining the board are Rafael D. Consing Jr., SVP and CFO of International Container Terminal Services Inc. of port and gaming tycoon Enrique K. Razon Jr., Rodney Hall, Ross Keeling Jackes and James Campbell Edwards.
Razon owns Bloomberry Resorts Corp., the operator of Solaire Resort and Casino.