News and Awards
16 September 2021

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

Strategic Partnership Agreement with Bursa-Listed Nestcon Berhad for Solar
Energy Initiative; Proposed Share Placement to Prominent Investors to
Accelerate the Group's New Growth Initiatives


SINGAPORE & MELAKA, MALAYSIA, Sept 16, 2021 - (ACN Newswire) - Hatten Land
Limited ("Hatten Land") announced today a partnership to operate
Hatten Land's energy-efficient 'green' cryptocurrency mining in
Melaka that will soon be enabled by solar panels installed on rooftops of
retail malls it owns or manages, as it pivots towards an
environmental-friendly digital economy.

SGX-Catalist Hatten Land's wholly-owned subsidiary, Hatten Technology (S)
Pte. Ltd. ("Hatten Tech") has signed a MOU with SGX Mainboard-listed
Singapore Myanmar Investco Limited ("SMI") to jointly explore
business opportunities in cryptocurrency mining ("crypto mining")
activities. SMI recently partnered NASDAQ-listed The9 Limited
("The9") to procure up to 4,000 sets of crypto mining rigs.

Both parties will leverage on Hatten Land's space, infrastructure, and
comparatively lower energy costs to carry out 'green' cryptomining
activities, as Hatten Land steps up efforts to introduce solar energy. The
renewable energy initiative will allow both parties to conduct
'green' crypto mining across Hatten Land assets, with increases in
capacities helping to power more rigs to be added later.

Hatten Land and its parent the Hatten Group conglomerate are the leading
developers in the historical Malaysian tourist city, operating six malls with
built-up area of more than six million square feet. It also owns four hotels
in Melaka.

Hatten Tech will share technological know-how on 'green' crypto
mining facility management, and will also share the net proceeds of the
cryptocurrencies to be mined.

Under the MOU, SMI has the intention to install up to 2,000 rigs in Hatten
Land's properties in Melaka. Hatten Land and SMI are working to conclude
definitive agreement within 90 days from 30 September 2021. Hatten Land
expects to install and operate the rigs from December 2021.

New Solar Energy Initiatives with Strategic Partnership

Hatten Land also announced that its subsidiary Hatten Commercial Management
Sdn. Bhd. ("HCM"), which focuses on green and sustainable energy
innovations and developments, has signed a Strategic Partnership Agreement
with Nestcon Sustainable Solutions Sdn. Bhd. ("NSS"), a wholly-owned
subsidiary of Bursa-listed Nestcon Berhad to install solar panels on the roofs
of some of its properties in Melaka.

HCM and NSS will set up a joint-venture or form a consortium with other
partners to install solar panels and facilities at Hatten Land-owned malls. An
estimated 6,373 solar panels will first be installed at Dataran Pahlawan
Melaka Megamall - the largest mall in Melaka and managed by Hatten Group
conglomerate - can generate up to 3.19 MWp of solar energy.

The initiative will allow Hatten Land to lower energy costs, accelerate its
sustainability efforts and contribute to the 'green' crypto mining.

In addition, NSS and HCM will jointly collaborate with other potential
partners to discuss opportunities to utilise and/or secure Hatten Land's
current and future land reserve in Malaysia to build large-scale solar
photovoltaic ("LSSPV") facilities, by phases, capable of generating
up to 100 MWp.

Aligned with Hatten Land's environmentally-friendly digital initiatives,
this strategic partnership will allow the Group to lower energy costs, enhance
synergies in its 'green' crypto mining activities and harness new
business opportunities in the renewable energy market.

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

Hatten Land is also pleased to announce that it would raise S$1.8 million from
the placement of 80,000,000 new shares at S$0.023 ("Placement
Shares"), representing a discount of approximately 5.74% over the volume
weighted average price of S$0.0244 per share on 10 September 2021. The shares
will be issued to Asdew Acquisitions (40 million), Evolve Capital Management
(20 million) and Mr Ong Toon Wah (20 million) (collectively, the
"Subscribers").

Each Placement Share comes with a detachable warrant which can be converted to
Hatten Land shares at S$0.048 within two years. Proceeds will be used as
working capital, as well as to pursue technology and solar initiatives.

The Placement Shares represent approximately 4.78% of the enlarged share
capital of Hatten Land of 1,675,169,228 shares. Assuming full conversion of
the warrants, Hatten Land's issued share capital base will be enlarged
further to 1,755,169,228 shares, of which the Subscribers will hold
approximately 9.12%.

Dato' Colin Tan, Executive Chairman and Managing Director of Hatten Land,
said: "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, added: "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 one of the leading property developers in Malaysia
specialising in integrated residential, hotel and commercial developments.
Headquartered in Melaka, it is the property development arm of the
conglomerate Hatten Group, which is a leading brand in Malaysia with core
businesses in property development, property investment, hospitality, retail
and education.

Hatten Land Limited began trading on the Catalist board of SGX-ST on 28
February 2017 after the completion of the reverse takeover of VGO Corporation
Limited. For more information, visit: 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 press release has been prepared by Hatten Land Limited (the
"Company") and its contents have been reviewed by the Company's
sponsor, UOB Kay Hian Private Limited (the "Sponsor") for compliance
with the relevant rules of the Singapore Exchange Securities Trading Limited
(the "SGX-ST") Listing Manual Section B: Rules of Catalist.

This press release has not been examined or approved by the SGX-ST and the
SGX-ST assume no responsibility for the contents of this press release,
including the accuracy, completeness or correctness of any of the information,
statements or opinions made or reports contained in this press release.

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

Hatten Land Ltd

Copyright 2021 ACN Newswire . All rights reserved.

 

(Source: Bloomberg)