English | 简体中文 | 繁體中文 | 한국어 | 日本語
Wednesday, 29 September 2021, 09:00 HKT/SGT

Source: Hatten Land Ltd
Hatten Land Subsidiary HTPL Signs Definitive Agreement with Frontier to Operate at Least 1,000 Cryptocurrency Mining Rigs in Malaysia

SINGAPORE, Sept 29, 2021 - (ACN Newswire) - 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
Source: Hatten Land Ltd

Sectors: Real Estate & REIT, Crypto, Exchange, Blockchain Technology, Local Biz
From the Asia Corporate News Network

Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.


Hatten Land Ltd Related News
Aug 18, 2022 14:47 HKT/SGT
Hatten Land Signs Partnership Agreement to Launch The World's First-of-its-Kind Mobile Legends: Bang Bang, Southeast Asia's Top Game with 100 Million Monthly Active Users, Themed Integrated Esports Hub in Melaka at ElementX
Mar 31, 2022 08:26 HKT/SGT
Hatten Land Attracts New Partner for its Crypto Mining Activities With Additional 550 Crypto Mining Rigs that can be Installed and Operated in 2022
Jan 17, 2022 08:30 HKT/SGT
惠胜置地在加密挖矿活动中获得关注 随着最新一批加密矿机的装运发货 在2022 年逐步扩大加密挖矿运营规模 将安装和运营超过2,500多台加密比特币矿机
Dec 27, 2021 07:43 HKT/SGT
Hatten Land Signs Comprehensive Collaboration Agreement with Huawei
Nov 10, 2021 09:00 HKT/SGT
Hatten Land Forms Renewable Energy JV with Nestcon Berhad; Solar Panels at Melaka's Largest Mall will provide Solar Power for Digital and Blockchain Activities
More news >>
Copyright © 2024 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Cookies Policy | Privacy Policy | Disclaimer | Terms of Use | RSS
US: +1 214 890 4418 | China: +86 181 2376 3721 | Hong Kong: +852 8192 4922 | Singapore: +65 6549 7068 | Tokyo: +81 3 6859 8575