Nov 10, 2021 | Business
Hatten Land Limited announced today it will form a joint-venture company (“JVC”) with Bursa-listed Nestcon Berhad (“Nestcon”) to pursue renewable energy activities including installing over 6,000 solar panels on the roof of Melaka’s largest mall.
SGX Catalist-listed Hatten Land (the “Company”, and together with its subsidiaries, the “Group”)’s wholly-owned subsidiary, Hatten Renewable Energy Sdn. Bhd. (“Hatten Renewable Energy”) has signed a joint-venture agreement (“JVA”) with Nestcon Sustainable Solutions Sdn. Bhd. (“NSS”), a wholly-owned subsidiary of Nestcon.
The JVA follows the Group’s announcement in September 2021 that it had formed a strategic partnership with Nestcon for solar energy activities. The JVA is part of a strategic pivot undertaken by Hatten Land to re-purpose its malls in Malaysia for digital and blockchain activities including cryptocurrency mining enabled by renewable energy.
The JVC’s first project is to develop a 3.19MWp solar photovoltaic plant and facility (“SPPF”) involving more than 6,000 solar panels to be installed on the rooftop of Dataran Pahlawan Melaka Megamall and to manage it for 21 years. The mall – the largest mall in the historical city – is managed by the Hatten Group conglomerate, which has a mall footprint with a combined floor area of more than six million square feet.
Upon completion of the project in 2022, the project will generate approximately 3,900 MWh per year, the equivalent of powering more than 1,100 three-room flats for an entire year. The green energy generated over the lifetime of the project will reduce approximately 72,248 tonnes of carbon dioxide, equivalent to planting more than 137,000 trees.
The Company and Nestcon will also collaborate with other potential partners to jointly secure, supply, construct and manage large-scale solar photovoltaic (“LSSPV”) facilities, targeting 100 MWp, in Malaysia.
Enhancing Synergies for Hatten Land’s “Green” Technology and Digital Initiatives
Aligning its business model with the growth trends of the digital economy, Hatten Land is re-purposing its malls in Melaka and has announced various plans that include the following:
– Installation and operation of 3,000 crypto mining rigs with two partners;
– Creating a ‘metaverse’ digital twin of historical Malaysian city and to develop a dedicated token system, create digital assets, including nonfungible tokens (“NFTs”); and
– Setting up a joint venture with Hydra X to develop and operate cryptocurrency exchanges focused on “green” and “clean” cryptocurrencies and tokens, which are believed to be the first such exchanges worldwide.
Adopting a sustainability approach for its technology and digital initiatives, the JVC will allow the Group to reduce Hatten Land’s net carbon footprint, enhance ‘green’ cryptocurrency mining capacity, lower energy costs and improve business synergies among its operations.
Significant Opportunities in Renewable Energy Market under the Reforms of Malaysia Electricity Supply Industry 2.0
Malaysia has an encouraging future in renewable energy adoption, complemented by a broadly attractive investment environment. Renewables currently contribute 23% to Malaysia’s energy mix, dominated by hydropower technologies.
Solar energy, supported by mechanisms to promote affordability, has by far the highest technical potential in Malaysia which allows installation of panels for self-consumption. Its Net Energy Metering Programme provides a pathway to self-generation with excess energy sold to the grid. The nation’s large-scale solar projects offer a successful pathway to utility-scale solar adoption.
Dato’ Colin Tan, Executive Chairman and Managing Director of Hatten Land, said: “The joint-venture marks a significant milestone in our strategic pivot. Apart from re-purposing our malls for digital economic activities, our sustainability efforts are being implemented amid increasing environmental concerns worldwide. This joint venture with Nestcon will create new business opportunities and synergies towards the emerging ESG trends.”
Datuk Ir. Dr. Lim Jee Gin, Group Managing Director of Nestcon, said: “The joint venture with Hatten Land marks a promising enhancement of the expansion of our building and infrastructure construction business into the renewable energy segment. This joint initiative will generate sustainable revenue to our group while reducing carbon emissions by generating electricity through a greener method.”
Note: This media release is to be read in conjunction with the SGX announcement released on the same date.
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.
For Hatten Land share information, please refer to SGX: PH0; RIC: HATT.
For Nestcon Berhad share Information, please refer to KLSE: 0235; RIC: NESTCON.
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
Topic: Press release summary
Sep 29, 2021 | Business
SGX Catalist-listed Hatten Land Limited (“Hatten Land”; SGX: PH0) said today it has signed an agreement with Frontier Digital Asset Management Pte. Ltd. (“Frontier”) to share proceeds from jointly operating at least 1,000 cryptocurrency mining (cryptomining) rigs within the Hatten Group’s properties in Malaysia.
Cryptomining rigs will be installed starting from Q42021 in phases under the binding strategic collaboration and management agreement between Hatten Land’s wholly-owned subsidiary Hatten Technology (S) Pte. Ltd. (“HTPL”) and Singapore-based Frontier, which currently operates over 700 cryptomining rigs in Singapore.
Hatten Land recently announced that it would re-purpose its retail malls in Melaka for digital activities such as cryptomining and e-commerce. These activities will leverage on existing infrastructure and lower energy costs in Malaysia. Such costs may be lowered further as Hatten Land installs solar panels on malls in an effort to turn its footprint of malls into a hub for energy-efficient or ‘green’ cryptomining.
Hatten Land and its parent company, the Hatten Group conglomerate are the leading developers in Melaka, operating six retail malls with combined floor space of more than six million square feet in the historical Malaysian city, where it also owns four hotels.
Under the terms of the agreement, Frontier will install, operate, manage and maintain at least 1,000 cryptomining machines at properties owned or managed by Hatten Land in Melaka. The rigs will operate 24 hours each day, including public holidays and weekends and will mine Bitcoin (“BTC”) initially, with alternative coins to be considered in the future.
HTPL will obtain a share of the net proceeds after deducting operational and management expenses and any share due to the owners of the cryptomining rigs.
Frontier will conduct cryptomining activities solely with HTPL in Melaka, and both parties also have an exclusive right-of-first-refusal to participate in any business opportunity to carry out any cryptomining activities outside Melaka but within Malaysia.
Frontier, founded by Bryan Zhou together with two other National University of Singapore (NUS) business undergraduates, is on the mission to provide easier access for retail and institutional miners around the globe. Aside from mining, they are especially focused on blockchain ecosystem and digital asset generation. As a fast-growing digital asset management company, Frontier has successfully secured investments from investors in Mainland China, Hong Kong and ASEAN regions. With more plans for expansion, Frontier is looking to establish a strong foothold within the ASEAN region and contribute towards a more sustainable way of cryptocurrency mining.
Hatten Land recently signed a Memorandum of Understanding (MoU) with SGX Mainboard-listed Singapore Myanmar Investco Limited (“SMI”; SGX: Y45) to procure up to 2,000 rigs. Combined with this agreement, Hatten Land will see a total of up to 3,000 rigs operating at its properties.
The Group has also signed a Strategic Partnership Agreement with Bursa-listed Nestcon Berhad to install solar panels on the roofs of some of its properties in Melaka. This initiative will enhance its sustainability efforts and help the Group conduct ‘green’ cryptomining activities in Melaka.
Dato’ Colin Tan, Executive Chairman and Managing Director of Hatten Land, said: “The definitive Agreement with Frontier underscores our commitment to pivot to ‘green’ cryptomining activities in Melaka. We will leverage on Frontier’s proven expertise to develop cryptomining hubs starting in Melaka.
Hatten Land is re-purposing its extensive mall footprint as part of a broader strategy that includes blockchain activities, online-to-offline commerce and renewable energy. We believe this Agreement will augur the transformation of Hatten Land’s assets into a hub for blockchain and other digital activities that will contribute to the growth and transformation of Melaka.”
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 SGX Catalist board on 28 February 2017 after the completion of a reverse takeover of VGO Corporation Limited. For more information, visit: www.hattenland.com.sg.
Share information available on 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
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
