| Hotel and mall owner Hatten Land announced it will place 80 million new shares at S$0.023 each to Asdew Acquisitions (40 million), Evolve Capital Management (20 million) and Mr Ong Toon Wah (20 million). Proceeds of S$1.8 million will be applied to working capital, technology and solar initiatives. Hatten Land said a partnership with Singapore Myanmar Investco has been created 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. |
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Subscriber |
Background of Subscriber |
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Asdew Acquisitions |
An investment holding company which is majority owned by an individual, Alan Wang Yu Huei |
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Evolve Capital |
A fund registered with the Monetary Authority of Singapore with mandate to invest in growth capital investments |
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Ong Toon Wah |
A seasoned investor. He is a founding member and senior executive in several public listed companies including Informatics Holdings Limited, Horizon Limited, The9 Limited. He is also invested in Raffles Venture Partners and Silkbridge Partners. He is also a director and 10% shareholder of the Company’s subsidiary, The Medici-Watermark Pte. Ltd. |
SGX-Catalist Hatten Land’s wholly-owned subsidiary, Hatten Technology (S) has signed a MOU with SGX Mainboard-listed Singapore Myanmar Investco (“SMI”) to jointly explore business opportunities in cryptocurrency mining activities.
SMI recently also partnered NASDAQ-listed The9 Limited 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.
 “ ‘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, Executive Chairman and Managing Director, Hatten Land. |
Hatten Land and its parent, the Hatten Group conglomerate, are 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, Singapore Myanmar Investco has the intention to install up to 2,000 rigs in Hatten Land’s properties in Melaka.
Hatten Land and Singapore Myanmar Investco 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.
For more, see announcement.