Nov 27, 2021 | Business
GOME Retail Holdings Limited (HKEX stock code: 493, “GOME” or “the Company”, together with its subsidiaries, “the Group”) announced today that the Group entered into 11 agreements in various business sectors, through GOME Appliance Company Limited (“GOME Appliance”), its wholly-owned subsidiary, in respect of the continuing connected transactions of the Company with GOME Fun E-Commerce Co., Ltd. (“GOME Fun”) and GOME Holding Group Company Limited (“GOME Holding”). The 11 agreements include renewals and new agreements. All agreements have a term of three years commencing from 1 January 2022 up to and including 31 December 2024 (“Contract Period”). The establishment of the agreements will support the Group’s strategic transformation to an all-round retail eco-system sharing platform, steadily promote the in-depth implementation of the “Home Living” strategy, and integrate the supply chains and resources of the Parent Group and other members of the Parent Group to improve the Group’s operational efficiency.
Moreover, in order to improve capital efficiency, fully utilize the efficient investment opportunities, and facilitate the Group to build an all-round retail eco-system sharing platform, an indirect wholly-owned subsidiary of the Group entered into a RMB 900million Convertible Bond Investment Agreement with Beijing Pengrun Times Property Management Company Limited (“Beijing Pengrun”), which indirectly holds 100% equity interest of Anxun Logistics Co., Ltd. (“Anxun Logistics”). Please refer to the last two paragraphs of the article for more details.
Purchase and Supply Services Agreement
On purchase and supply services, GOME Appliance has entered into 2022 Master Merchandise Purchase Agreement and 2022 Master Merchandise Supply Agreement with GOME Fun to renew the previous merchandise purchase and supply agreement. Pursuant to 2022 Master Merchandise Purchase Agreement, during the Contract Period, GOME Fun will provide general merchandise (including but not limited to electrical appliances and consumer electronics products) to GOME Appliance upon request. The annual caps of the transaction amounts (excluding value-added tax) shall not exceed RMB28 billion, RMB35 billion and RMB45 billion. Pursuant to 2022 Master Merchandise Supply Agreement, during the Contract Period, GOME Appliance will provide general merchandise (including but not limited to electrical appliances and consumer electronics products) to GOME Fun upon request. The annual caps of the transaction amounts (excluding value-added tax) shall not exceed RMB30 billion, RMB40 billion and RMB50 billion, respectively.
The 2 agreements are expected to greatly improve the efficiency of the Group’s procurement of products, enable both parties to source products from their own or the other party’s suppliers, expand the scope of procurement to enrich product portfolios, therefore realizing a comprehensive integration and complementation of the online and offline merchandise and satisfying the demand of all potential customers. Moreover, the 2 agreements can ensure the Group to obtain products at the lowest cost possible and on better commercial terms through GOME Appliance or GOME Fun. The arrangement will also minimise the occurrence of shortage of products and achieve better cost optimization.
Logistics and Warehousing Services Agreement
On logistics services, GOME Appliance has entered into 2022 Logistics Services Agreement with GOME Fun and GOME Holding to renew the previous logistics services agreement. During the Contract Period, GOME Holding will provide logistics services (including delivery of general merchandise to end customers) to GOME Appliance and GOME Fun upon request. The annual caps of the transaction amounts (excluding value-added tax) shall not exceed RMB900 million. On warehousing service, GOME Appliance has entered into First 2022 Warehouse Services Agreement with GOME Fun to renew the previous warehouse services agreement. During the Contract Period, GOME Appliance will provide warehousing services (including storage of general merchandise) to GOME Fun upon request. The annual caps of the transaction amounts (excluding value-added tax) shall not exceed RMB900 million. Meanwhile, GOME Appliance has entered into Second 2022 Warehouse Services Agreement with GOME Fun and GOME Holding to renew the previous warehouse services agreement. During the Contract Period, GOME Holding will provide warehousing services (including storage of general merchandise) to GOME Appliance and GOME Fun upon request. The annual caps of the transaction amounts (excluding value added tax) shall not exceed RMB900 million.
The Group’s e-commerce platform has been developed rapidly in recent years. Its sales network has spanned across the PRC. Meanwhile, the Group is also expanding its physical store network to the third to sixth-tier cities. Therefore, the upgrade of logistic and warehousing services is necessary to enhance customers purchase experience. The 3 agreements will facilitate the integration of the extensive geographical network among three parties and enable customers to enjoy faster delivery service and better purchase experience which form a distinct competitive advantage of the Group. In addition to the delivery to end customers, the logistics and warehousing services also provide intra-Group logistics covering deliveries between warehouses, between stores and deliveries, from warehouses to stores, etc, providing strategic support to the Group’s e-commerce and physical store businesses.
Property Development Management Service Agreement
On property development management services, GOME Appliance has entered into 2022 Property Development Management Services Agreement with GOME Holding to renew the previous property management services agreement. During the Contract Period, GOME Holding will provide property development management services to GOME Appliance upon request. The annual caps of the transaction amounts (excluding value added tax) shall not exceed RMB300 million, RMB400 million and RMB500 million, respectively.
The Group owns properties in multiple regions in China which are intended to be developed into property complex comprising office buildings, stores, warehouses and logistics centers. As the Group lacks the technical expertise and knowledge to manage the development of such property projects while GOME Holding is experienced in managing the development of similar projects, therefore the agreement enables the Group to engage GOME Holding to provide property development management services to those property projects being developed by the Group.
General Service Agreement
On general services, GOME Appliance, GOME Fun and GOME Holding have entered into a new First 2022 Services Agreement and a new Second 2022 Services Agreement. Pursuant to First 2022 Services Agreement, GOME Holding and GOME Fun will provide services including technical services, platform services, software services, supply chain member services, value-added services, inbound marketing services and agent operation services, to GOME Appliance upon request. The annual caps of the transaction amounts (excluding value-added tax) shall not exceed RMB8 billion, RMB12 billion and RMB15 billion, respectively. Pursuant to Second 2022 Services Agreement, GOME Appliance and GOME Fun will provide services including technical services, platform services and inbound marketing services, to GOME Holding upon request. The annual caps of the transaction amounts (excluding value-added tax) shall not exceed RMB10 billion, RMB15 billion and RMB20 billion, respectively.
The 2 agreements will improve the Group’s operational efficiency, expand its business scale, empower itself and promote commodity trading by utilising the relevant resources, services and other support of GOME Fun and other sharing and joint development platform companies, so as to enhance the Group’s brand influence and improve its sales and profitability. Meanwhile, the rich experiences of GOME Appliance, GOME Fun and the Group in online and offline operation and sales can provide various supports including store opening, marketing, system services to GOME Holding in its businesses such as home decoration, home furnishing, logistics and warehousing, wine industry, etc.
Offline Display Service Agreement
On offline display services, GOME Appliance, GOME Fun and GOME Holding have entered into a new First 2022 Offline Display Services Agreement and a new Second 2022 Offline Display Services Agreement. Pursuant to First 2022 Offline Display Services Agreement, during the Contract Period, GOME Holding and GOME Fun will provide offline display services to GOME Appliance to showcase and display its products at the Parent Group’s offline platforms upon request. The annual caps of the transaction amounts (excluding value-added tax) shall not exceed RMB800 million, RMB1.5 billion and RMB2.5 billion, respectively. Pursuant to Second 2022 Offline Display Services Agreement, during the Contract Period, GOME Appliance and GOME Fun will provide offline display services to GOME Holding to showcase and display its products at the Group’s offline platforms upon request. The annual caps of the transaction amounts (excluding value-added tax) shall not exceed RMB1 billion, RMB2 billion and RMB3 billion, respectively.
The 2 agreements provide strategic support to Group’s transformation into an all-round retail eco-system sharing platform, boost the integration of online and offline platform whereby all online products will be displayed on offline platforms so as to provide users an online and offline full-scene shopping experience.
After Sale Service Agreement
On after sales services, GOME Appliance and GOME Fun have entered into a new 2022 After Sale Services Agreement. During the Contract Period, GOME Appliance will provide after sale and installation services to GOME Fun upon request. The annual caps of the transaction amounts (excluding value-added tax) shall not exceed RMB300 million, RMB400 million and RMB500 million, respectively.
The agreement will supplement GOME Fun’s after sale services and facilitate GOME Fun to build omni-linkage retail servicing capabilities, to continuously bring high-quality and convenient service experience to users.
Convertible Bond Investment Agreement
On 26 November 2021, Ningbo Pengxin Xingyu Information Technology Co., Ltd. (the “Subscriber”), an indirect wholly owned subsidiary of the Group, entered into a Convertible Bond Investment Agreement (the “Agreement”) with Beijing Pengrun (the “Issuer”) which indirectly holds 100% equity interest of Anxun Logistics. Currently Mr. Wong Kwong Yu, the controlling shareholder of the Company, indirectly owns approximately 80.5% equity interests of the Issuer through Rocket Gain Investments Limited and Beijing Wanshengyuan Property Management Co., Ltd which are wholly-owned by him and 19.5% equity interests held by the Subscriber. Pursuant to the Agreement, the Subscriber agreed to subscribe for an RMB900 million convertible bond at an interest rate of 5% per annum for a term of 5 years (the “Bond”) from the Issuer, with an option to extend for an additional period of 2 years subject to mutual agreement between both parties. During the term of the Bond, the Subscriber has the discretion to exercise the Option. Upon completion of the exercise of the Option, the Subscriber will hold 30.0% of the Issuer’s equity interests and the Issuer will be accounted as an associated company of the Company. The Issuer shall have the right to early redeem the outstanding balance of the Bond together with the interests accrued at any time after the third anniversary of the issue date subject to the Option not having been exercised.
The transaction will generate steady interest incomes to the Group, which will increase its profitability. In addition, the Option would enable the Subscriber to acquire further equity interests in the Issuer timely in future, which in turn owns Anxun Logistics which is expected to achieve rapid growth in the future. Anxun Logistics is a nationwide integrated logistics service provider covering 31 provincial-level administrative regions, regions, more than 700 prefecture-level cities and more than 2,800 districts and counties. It has completed distribution network for more than 42,000 fourth-tier townships across the country. Acquiring Anxun Logistics’s equity interests will further reinforce Group’s logistic ability, accelerate the Group’s strategic transformation towards all-round retail eco-system sharing platform and the implementation of the “Home Living” strategy, which is highly accordant with the Group’s development direction.
About GOME Retail Holdings Limited
Founded in China in 1987, GOME Retail Holdings Limited has been listed on the Hong Kong Stock Exchange since July 2004 (stock code: 493) and is a leading technology driven, experience-based, entertainment-oriented and socialized “Home Living” technology retail service provider. Under the guidance of the second phase of its “Home Living” strategy, GOME promotes online and offline integration with Internet technology, supports existing business growth with a strong supply chain, introduces new business with new scenarios, develops a post-service market with Internet of Things technology, drives the refined operation of stores with big data, enhances market competitiveness through network optimization, and raises the retail competitive barrier with strong service capability, and makes all-round efforts to transform from an appliance retailer to a provider of comprehensive “Home Living” solutions. GOME will continue to make use of technology and wisdom to create “authenticity”, “speed” and “joy”, and establish one of the most popular platform for entertainment-oriented selling and buying with sharing.
Please visit our website for more information: www.gome.com.hk
Topic: Press release summary
Sectors: Retail & eCommerce
http://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2021 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
Nov 11, 2021 | Business
Carrefour today announced the launch of an ambitious strategic partnership with Meta , which will be rolled out across the groups nine integrated countries (France, Italy, Spain, Romania, Poland, Belgium, Taiwan, Argentina, and Brazil).
The partnership will span many aspects of Carrefours business from internal communication and employee experience through to customer relations, digital advertising and the digitisation of leaflets, local communication and social commerce. It will include multiple Meta platforms and services: Facebook, Instagram, WhatsApp, Messenger and Workplace.
TRANSFORMING THE CARREFOUR CUSTOMER EXPERIENCE
As part of Carrefours ambition to deliver the best digital experiences, Meta will integrate Carrefour into its mobile experience development programs. In this way, Meta will help Carrefour build the future of its mobile environment.
To digitalise its customer experience, the Group will also work with Meta to provide instant and more personalised experiences via WhatsApp and Messenger platforms. In addition, Carrefour will empower store managers to access local communication tools to activate Meta platforms in their catchment area to support the acceleration of local digital marketing.
In line with the rise of live shopping and new consumption models, Meta will also support Carrefour in the development of its e-catalogue offering using customised tools and innovative formats. Carrefour and Meta are already working together to digitalise promotion via the WhatsApp Business API. The digitisation of leaflets meets new consumer expectations, with 70% of French people preferring digital leaflets to paper according to a recent Ipsos study for Meta.
The two companies will also develop a joint campaign targeting and measurement offering within Carrefour Links, Carrefours platform that brings together all retail media solutions to improve the effectiveness of advertising campaigns.
CONNECTING 320,000 EMPLOYEES WITH WORKPLACE
Carrefour is also taking an important step in its internal communication strategy by announcing the planned deployment of Workplace, Metas business communication tool, to its 320,000 employees.
It is intended that Workplace will be rolled out progressively throughout the company and its integrated countries. The aim is to enable employees to create communities and make use of familiar features from social networks into their daily work lives to better communicate with each other regardless of their position in the Group, their business unit or the country where they are based. By eliminating silos and connecting everyone, Workplace will allow Carrefour employees to have more direct relationships and spend more time in the field, serving Carrefour customers.
Finally, Carrefour will begin exploring with Meta the opportunities that virtual reality might create for employee training.
This partnership with Meta embodies Carrefours strong acceleration in the field of technology and its transformation into a digital retail company. Carrefour is evolving to better meet the expectations of our customers, our employees and our partners, said Elodie Perthuisot, Executive Director of E-Commerce, Data and Digital Transformation at Carrefour Group.
We are delighted to support a French company like Carrefour, one of the worlds leading retailers, and to offer our skills and technological solutions to support the groups digital transformation, concluded Nicola Mendelsohn, Vice President of Meta Global Business Group. This partnership is designed to help Carrefour innovate the way it serves its customers and at Meta we know that cant be done unless your people are connected and aligned – so were excited that todays partnership spans not just our consumer-facing products, but Workplace too.
Oct 7, 2021 | Business
Champion Real Estate Investment Trust (“Champion REIT” or “Trust”) (Stock Code: 2778), owner of Three Garden Road and Langham Place, has entered into an agreement concerning cross-currency swap transaction (the “Swap”) with DBS Hong Kong (“DBS”). This derivative transaction is a sustainability-linked swap, which was closed in September 2021. It is designed to provide a hedge against potential interest rate or currency risks related to the Trust’s debt portfolio.
Champion REIT values sustainable development and is dedicated to promoting diversity and inclusion of the community. This rationale is in alignment with the philosophy of DBS, which places great value on leveraging resources to empower women who need support in the community.
Under this sustainability-linked swap, Champion REIT is eligible to receive sponsorship from DBS to support its Women Empowerment Programme – Champion Mothers, provided that Champion REIT can successfully achieve the key performance targets related to women empowerment. Champion REIT initiated this programme in partnership with St. James Settlement and its social enterprise, and aims to support mothers who have children with special educational needs (SEN) and do not have much work experience to unleash their true potential by:
– Providing skill-learning workshops and free pop-up space at Langham Place Mall for these mothers to have a taste of running a business, and
– Establishing buddy relationships among these mothers and female colleagues to share views on managing family and work
The Trust has organised various business skill-sharing sessions and handicraft activities for these mothers and female colleagues from August to October. The handicraft activities include making Organic Peanut Brittles, Aroma Stones and Coin Bags, enabling all participants to learn, have fun and grow together. A pop-up store selling the products crafted by the participating mothers will be launched in Langham Place Mall by the end of 2021.
Champion REIT secured its first sustainability-linked loan with eight banks, including DBS, in June this year. The sustainability-linked swap marks another milestone in the Trust’s sustainability journey and reinforces its commitment to giving back to the community.
About Champion REIT (Stock Code: 2778)
Champion Real Estate Investment Trust is a trust formed to own and invest in income producing office and retail properties. The Trust focuses on Grade A commercial properties in prime locations. It currently offers investors direct exposure to nearly 3 million sq. ft. of prime office and retail floor area. These include two Hong Kong landmark properties, Three Garden Road and Langham Place, as well as joint venture stake in 66 Shoe Lane in Central London. Since 2015, the Trust has been included in the Constituent of Hang Seng Corporate Sustainability Benchmark Index of Hang Seng Indexes.
Website: www.championreit.com
About DBS
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank’s “AA-” and “Aa1” credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Euromoney, “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 12 consecutive years from 2009 to 2020.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit https://www.dbs.com.hk/index-zh/default.page.
Topic: Press release summary
Sep 27, 2021 | Business
SGX-listed Metech International Limited (“Metech” or the “Company”, and together with its subsidiaries, the “Group”), is pleased to announce that its wholly-owned subsidiary, Asian Green Tech Pte. Ltd (“AGT”), has entered into a joint venture agreement (“JVA”) with X Diamond Capital Pte. Ltd. (“XDC”) on 24 September 2021 to establish a joint venture, pursuant to which AGT and XDC (collectively, the “Parties”) will incorporate a joint venture company (“JV Company”) in Singapore to carry out the business of manufacturing and distribution of lab-grown diamonds (the “Joint Venture”).
Under the JVA, AGT shall operate and manage the JV Company while XDC shall provide technical support to the JV Company.
The Rising Popularity and Applications of Lab-Grown Diamonds
A lab-grown diamond is a diamond: chemically, physically and optically identical to a mined diamond.
While diamonds are more widely known to be used in jewellery, diamonds are also commonly used for industrial applications as they are extremely effective at polishing, cutting, and drilling.
Furthermore, lab diamonds have the edge on mined diamonds with regards to their purity and hardness, with lab-grown diamonds found to be ten times more durable than natural diamonds. The US Department of Energy reports that diamond-based components reduce energy losses by up to 90%(1).
According to figures published by Diamond Foundry, the total environmental footprint of mined diamonds is much higher than lab diamonds(2).
In May 2021, the world’s largest jewellery, Pandora, says it will no longer sell mined diamonds and will switch to exclusively laboratory-made diamonds due to concerns about the environment and working practices in the mining industry(3).
Lab-grown diamond production has ballooned in recent years, with 6-7 million carats produced in 2020 alone, though still a tiny industry compared to diamond mining, which peaked at 152 million carats in 2017 and currently stands around 111 million carats. But lab-grown diamonds are increasingly pitched as the sustainable choice to price- and planet-conscious young consumers. In addition to Pandora, De Beers, Vrai and Kimai have begun selling lab-grown diamonds as well as or in place of mined ones(4).
According to Statista, the market size of lab-grown diamonds is forecasted to increase its value to approximately US$29.2 billion by 2025 and grow to nearly 19.2 million carats by 2030(5).
The Joint Venture is aligned with the Group’s strategy to expand further into the environmental and sustainability business.
As lab-grown diamonds are created without the need for mining, they are a more sustainable production of diamonds and there are also opportunities to integrate renewable energy in such manufacturing activities, hence it is aligned with the Group’s environmental and sustainability business model.
Ms. Samantha Hua, Deputy Chief Executive Officer and Executive Director of Metech, said: “With better technology and declining production costs, lab-grown diamonds will be a sustainable solution to the declining supply of mined diamonds. In addition, the millennial generation are also more conscious about the environmental, sustainability and ethical impact of mined diamonds. With our joint venture, we have the capabilities to create our own quality diamonds in Singapore and establish new channels to make it accessible to a wider consumer base. I believe that we are in the early stages of this emerging consumer trend and we are excited about the opportunities ahead.”
About Metech International Limited
(Bloomberg: CENR:SP / Reuters: METE.SI / SGX Stock Code: V3M)
Listed on the Singapore Stock Exchange, Metech has a multi-pronged business model that aligns with the macro trends in the area of environmental and sustainability.
While proactively evaluating new business opportunities to broaden its business model, Metech continues to build on its capabilities and extend the value propositions of its business units.
For more information, visit www.metechinternational.com.
Issued on behalf of Metech International Limited by 8PR Asia Pte Ltd.
Media & Investor Contacts:
Mr. Alex TAN
Mobile: +65 9451 5252
Email: alex.tan@8prasia.com
(1) https://www.bbc.com/future/article/20200207-the-sparkling-rise-of-the-lab-grown-diamond
(2) bit.ly/3kFndrM
(3) https://www.bbc.com/news/business-56972562
(4) bit.ly/3udv1nS
(5) https://www.statista.com/topics/7108/lab-grown-diamond-industry/
This press release is to be read in conjunction with Metech’s exchange filings on 24 September 2021, which can be downloaded via www.sgx.com.
This announcement has been prepared by the Company and its contents have been reviewed by the Company’s Sponsor, RHT Capital Pte. Ltd. (the “Sponsor”) for compliance with the relevant rules of the Listing Manual Section B: Rules of Catalist of the Singapore Exchange Securities Trading Limited (the “SGX-ST”). The Sponsor has not independently verified the contents of this announcement. This announcement has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made or reports contained in this announcement.
The contact person for the Sponsor is Mr Khong Choun Mun, Registered Professional, RHT Capital Pte. Ltd. at 6 Raffles Quay, #24-02, Singapore 048580, sponsor@rhtgoc.com.
Topic: Press release summary
Sep 16, 2021 | Business
Hatten Land Limited (SGX:PH0) 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.
Topic: Press release summary
