Hatchasia, Inc. has received a letter of no objection from the Foreign Investment Review Board (FIRB) of Australia on its planned acquisition of Silver Heritage Group Limited (ASX:SVH). In a disclosure to the stock exchange on November 04, 2020, DFNN, Inc. (PSE:DFNN) said HatchAsia, Inc.'s letter from Australia's FIRB removes the obstacle regarding government regulatory procedures on foreign investments and contributes to the company's plan to acquire 92% interest in Silver Heritage Group Ltd. DFNN said the FIRB letter is an important step under HatchAsia's recapitalization under the Deed of Company Arrangement as permitted by the Australian Stock Exchange, and is subject to the approval of Silver Heritage shareholders. The transaction will take effect through the acquisition of shares amounting to 92% of the issued share capital of Silver Heritage via the consolidation of shares of existing shareholders and the new issuance of ordinary shares to HatchAsia subsidiary Hatch Australia Holdings Pty Ltd. “The successful conclusion would eventually result in the HatchAsia shareholder-controlled entity being listed on the Australian Stock Exchange and DFNN owning part of the listed entity,” the disclosure said.