News and Awards
16 September 2021

Hatten Land Enters into MOU with Singapore Myanmar Investco to Undertake ‘Green’ Crypto Mining Activities in Melaka

SINGAPORE & MELAKA, MALAYSIA, Sept 16, 2021 – (ACN Newswire) – Hatten Land Limited (SGX:PH0) revealed today a collaboration to run Hatten Land’s energy-efficient ‘green’ cryptocurrency mining in Melaka that will quickly be made it possible for by photovoltaic panels set up on roofs of retail shopping malls it owns or handles, as it rotates towards an environmental-friendly digital economy.

 

SGX-Catalist Hatten Land’s wholly-owned subsidiary, Hatten Technology (S) Pte. Ltd. (“Hatten Tech”) has actually signed a MOU with SGX Mainboard-noted Singapore Myanmar Investco Limited (“SMI”) to collectively check out service chances in cryptocurrency mining (“crypto mining”) activities. SMI just recently partnered NASDAQ-listed The9 Limited (“The9”) to obtain up to 4,000 sets of crypto mining rigs.

Both celebrations will utilize on Hatten Land’s area, facilities, and relatively lower energy expenses to perform ‘green’ cryptomining activities, as Hatten Land steps up efforts to present solar power. The renewable resource effort will enable both celebrations to conduct ‘green’ crypto mining throughout Hatten Land properties, with boosts in capabilities assisting to power more rigs to be included later on.

Hatten Land and its moms and dad the Hatten Group corporation are the leading designers in the historic Malaysian traveler city, running 6 shopping malls with built-up location of more than 6 million square feet. It likewise owns 4 hotels in Melaka.

Hatten Tech will share technological knowledge on ‘green’ crypto mining center management, and will likewise share the net profits of the cryptocurrencies to be mined.

Under the MOU, SMI has the intent to install up to 2,000 rigs in Hatten Land’s residential or commercial properties in Melaka. Hatten Land and SMI are working to conclude conclusive arrangement within 90 days from 30 September 2021. Hatten Land anticipates to set up and run the rigs from December 2021.

New Solar Energy Initiatives with Strategic Partnership

Hatten Land likewise revealed that its subsidiary Hatten Commercial Management Sdn. Bhd. (“HCM”), which concentrates on green and sustainable energy developments and advancements, has actually signed a Strategic Partnership Agreement with Nestcon Sustainable Solutions Sdn. Bhd. (“NSS”), a wholly-owned subsidiary of Bursa-noted Nestcon Berhad to set up photovoltaic panels on the roofing systems of a few of its residential or commercial properties in Melaka.

HCM and NSS will establish a joint-venture or form a consortium with other partners to set up photovoltaic panels and centers at Hatten Land-owned shopping malls. An approximated 6,373 photovoltaic panels will initially be set up at Dataran Pahlawan Melaka Megamall – the biggest shopping center in Melaka and handled by Hatten Group corporation – can create up to 3.19 MWp of solar power.

The effort will enable Hatten Land to lower energy expenses, accelerate its sustainability efforts and contribute to the ‘green’ crypto mining.

In addition, NSS and HCM will collectively team up with other prospective partners to go over chances to make use of and/or protect Hatten Land’s present and future land reserve in Malaysia to construct massive solar photovoltaic (“LSSPV”) centers, by stages, efficient in producing up to 100 MWp.

Aligned with Hatten Land’s environmentally-friendly digital efforts, this tactical collaboration will enable the Group to lower energy expenses, improve synergies in its ‘green’ crypto mining activities and harness brand-new service chances in the renewable resource market.

Proposed Share Placement to Accelerate the Group’s Technology Ventures and Renewable Energy Initiatives

Hatten Land is likewise happy to reveal that it would raise S$1.8 million from the positioning of 80,000,000 brand-new shares at S$0.023 (“Placement Shares”), representing a discount rate of roughly 5.74% over the volume weighted typical rate of S$0.0244 per share on 10 September 2021. The shares will be provided to Asdew Acquisitions (40 million), Evolve Capital Management (20 million) and Mr Ong Toon Wah (20 million) (jointly, the “Subscribers”).

Each Placement Share comes with a removable warrant which can be transformed to Hatten Land shares at S$0.048 within 2 years. Proceeds will be utilized as working capital, along with to pursue innovation and solar efforts.

The Placement Shares represent roughly 4.78% of the bigger share capital of Hatten Land of 1,675,169,228 shares. Assuming complete conversion of the warrants, Hatten Land’s provided share capital base will be bigger additional to 1,755,169,228 shares, of which the Subscribers will hold roughly 9.12%.

Dato’ Colin Tan, Executive Chairman and Managing Director of Hatten Land, stated: “As COVID-19 becomes endemic, we see strong opportunities taking shape and both partnerships accelerate our pivot towards the digital economy.

‘Green’ crypto mining activities will allow Hatten Land to leverage on existing fixed assets in Melaka, harness our own renewable energy initiative and create new revenue stream with the cryptocurrency proceeds.

We are also equally excited to embark on the solar energy collaboration with Nestcon, at a time when sustainability is becoming increasingly important. Combining our efforts and resources, we are confident that the partnership will allow us to harness new business opportunities and further our sustainability efforts.

These are significant milestones for Hatten Land and it aligns with our digital transformation roadmap to increase shareholder value in a sustainable manner.”

Dato’ Colin Tan, included: “We are extremely pleased with the interest and support in our Share Placement and the proceeds will enhance our financial flexibility in our strategic technology and renewable energy initiatives ahead.”

About Hatten Land Limited

Hatten Land Limited is among the leading residential or commercial property designers in Malaysia specialising in incorporated property, hotel and industrial advancements. Headquartered in Melaka, it is the residential or commercial property advancement arm of the corporation Hatten Group, which is a prominent brand name in Malaysia with core services in residential or commercial property advancement, residential or commercial property financial investment, hospitality, retail and education.

Hatten Land Limited started trading on the Catalist board of SGX-ST on 28 February 2017 after the conclusion of the reverse takeover of VGO Corporation Limited. For more info, go to: www.hattenland.com.sg
[SGX: PH0; Bloomberg: HATT:SP; RIC: HATT:SI]

Issued on behalf of Hatten Land Limited by WeR1 Consultants Pte Ltd.
Media & Investor Contacts:
Mr Isaac Tang
Mobile: +65 9178 0269
Email: hatten@wer1.net

This news release has actually been prepared by Hatten Land Limited (the “Company”) and its contents have actually been evaluated by the Company’s sponsor, UOB Kay Hian Private Limited (the “Sponsor”) for compliance with the pertinent guidelines of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) Listing Manual Section B: Rules of Catalist.

This news release has actually not been taken a look at or authorized by the SGX-ST and the SGX-ST presume no obligation for the contents of this news release, consisting of the precision, efficiency or accuracy of any of the info, declarations or viewpoints made or reports included in this news release.

The contact individual for the Sponsor is Mr Lance Tan, Senior Vice President at 8 Anthony Road, #01- 01, Singapore 229957, telephone +65 6590 6881.
 

(Source: Crypto Press)