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”) introduced at present a partnership to function Hatten Land’s energy-efficient ‘inexperienced’ cryptocurrency mining in Melaka that may quickly be enabled by photo voltaic panels put in on rooftops of retail malls it owns or manages, because it pivots in the direction of an environmental-friendly digital financial system.

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 collectively discover enterprise alternatives in cryptocurrency mining (“crypto mining”) actions. SMI lately partnered NASDAQ-listed The9 Limited (“The9”) to procure up to 4,000 units of crypto mining rigs.

Both events will leverage on Hatten Land’s area, infrastructure, and relatively decrease power prices to perform ‘inexperienced’ cryptomining actions, as Hatten Land steps up efforts to introduce photo voltaic power. The renewable power initiative will permit each events to conduct ‘inexperienced’ crypto mining throughout Hatten Land belongings, with will increase in capacities serving to to energy extra rigs to be added later.

Hatten Land and its guardian the Hatten Group conglomerate are the main builders in the historic Malaysian vacationer metropolis, working six malls with built-up space of greater than six million sq. ft. It additionally owns 4 motels in Melaka.

Hatten Tech will share technological know-how on ‘inexperienced’ crypto mining facility administration, and also will share the web proceeds of the cryptocurrencies to be mined.

Under the MOU, SMI has the intention to set up up to 2,000 rigs in Hatten Land’s properties in Melaka. Hatten Land and SMI are working to conclude definitive settlement inside 90 days from 30 September 2021. Hatten Land expects to set up and function the rigs from December 2021.

New Solar Energy Initiatives with Strategic Partnership

Hatten Land additionally introduced that its subsidiary Hatten Commercial Management Sdn. Bhd. (“HCM”), which focuses on inexperienced and sustainable power improvements 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 set up photo voltaic panels on the roofs of a few of its properties in Melaka.

HCM and NSS will arrange a joint-venture or type a consortium with different companions to set up photo voltaic panels and amenities at Hatten Land-owned malls. An estimated 6,373 photo voltaic panels will first be put in at Dataran Pahlawan Melaka Megamall – the biggest mall in Melaka and managed by Hatten Group conglomerate – can generate up to 3.19 MWp of photo voltaic power.

The initiative will permit Hatten Land to decrease power prices, speed up its sustainability efforts and contribute to the ‘inexperienced’ crypto mining.

In addition, NSS and HCM will collectively collaborate with different potential companions to talk about alternatives to utilise and/or safe Hatten Land’s present and future land reserve in Malaysia to construct large-scale photo voltaic photovoltaic (“LSSPV”) amenities, by phases, able to producing up to 100 MWp.

Aligned with Hatten Land’s environmentally-friendly digital initiatives, this strategic partnership will permit the Group to decrease power prices, improve synergies in its ‘inexperienced’ crypto mining actions and harness new enterprise alternatives in the renewable power market.

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

Hatten Land can also be happy to announce that it could increase S$1.8 million from the location of 80,000,000 new shares at S$0.023 (“Placement Shares”), representing a reduction of roughly 5.74% over the amount weighted common worth of S$0.0244 per share on 10 September 2021. The shares will probably 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 removable warrant which could be transformed to Hatten Land shares at S$0.048 inside two years. Proceeds will probably be used as working capital, in addition to to pursue expertise and photo voltaic initiatives.

The Placement Shares signify roughly 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 probably be enlarged additional to 1,755,169,228 shares, of which the Subscribers will maintain roughly 9.12%.

Dato’ Colin Tan, Executive Chairman and Managing Director of Hatten Land, stated: “As COVID-19 turns into endemic, we see robust alternatives taking form and each partnerships speed up our pivot in the direction of the digital financial system.

‘Green’ crypto mining actions will permit Hatten Land to leverage on current mounted belongings in Melaka, harness our personal renewable power initiative and create new income stream with the cryptocurrency proceeds.

We are additionally equally excited to embark on the photo voltaic power collaboration with Nestcon, at a time when sustainability is changing into more and more necessary. Combining our efforts and assets, we’re assured that the partnership will permit us to harness new enterprise alternatives and additional our sustainability efforts.

These are vital milestones for Hatten Land and it aligns with our digital transformation roadmap to improve shareholder worth in a sustainable method.”

Dato’ Colin Tan, added: “We are extraordinarily happy with the curiosity and assist in our Share Placement and the proceeds will improve our monetary flexibility in our strategic expertise and renewable power initiatives forward.”

About Hatten Land Limited

Hatten Land Limited is among the main property builders in Malaysia specialising in built-in residential, lodge and business developments. Headquartered in Melaka, it’s the property growth arm of the conglomerate Hatten Group, which is a number one model in Malaysia with core companies in property growth, property funding, hospitality, retail and schooling.

Hatten Land Limited started buying and selling on the Catalist board of SGX-ST on 28 February 2017 after the completion of the reverse takeover of VGO Corporation Limited. For extra data, 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: [email protected]

This press launch has been ready 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 related guidelines of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) Listing Manual Section B: Rules of Catalist.

This press launch has not been examined or authorised by the SGX-ST and the SGX-ST assume no accountability for the contents of this press launch, together with the accuracy, completeness or correctness of any of the knowledge, statements or opinions made or studies contained in this press launch.

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

Source: Hatten Land Ltd

Copyright 2021 ACN Newswire . All rights reserved.

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