&bull       Hatten Edge signs definitive agreement with SMI to commence cryptocurrency mining (&ldquo Crypto Mining&rdquo ) activities at the property assets in Melaka owned or managed by Hatten Land

 

&bull       Pilot phase of the first 50 sets of Crypto Mining rigs to commence operations by end January 2022 and an additional 1,500 Crypto Mining rigs to be delivered and installed from February to March 2022 with the option by SMI to provide an additional 1,000 Crypto Mining rigs in 2022

 

&bull       The Group is on track to meet its expectation of more than 2,500 Crypto Mining rigs to be installed and operated within Hatten Land&rsquo s properties in 2022

 

&bull       The Group shares the net proceeds of mined cryptocurrencies and it is expected to contribute positively to the net assets and financial performance of the Group for the financial year ending 30 June 2022.

 

SINGAPORE, MELAKA, MALAYSIA, 13 January 2022 &ndash Hatten Land Limited (惠 胜 置 地 有 限 公 司 ) (&ldquo Hatten Land&rdquo , &ldquo Company&rdquo , and together with its subsidiaries, the &ldquo Group&rdquo ) is pleased to announce today that its wholly-owned subsidiary Hatten Edge Pte. Ltd. (&ldquo Hatten Edge&rdquo ) has entered into a Cryptomining Facility and Support Services Agreement (the &ldquo Agreement&rdquo ) with SMI CS Pte. Ltd. (" SMI" ), a wholly-owned subsidiary of SGX Mainboard-listed SMI Vantage Limited (&ldquo SMI Vantage&rdquo ) further to the MoU entered into between both parties as announced on 16 September 2021.

 

Under the Agreement, the Group will commence cryptocurrency mining activities with the pilot phase of the first 50 sets of Crypto Mining rigs to be delivered by SMI and installed by end of January 2022, followed by the next batch of 1,500 Crypto Mining rigs to be installed from February to March 2022. 

 

In addition, SMI has the option to provide another 1,000 Crypto Mining rigs in 2022, bringing the total number of Crypto Mining rigs provided by SMI to more than 2,500 sets.

 

Hatten Edge will be responsible for the installation of the mining rigs at the facilities upon delivery while SMI is responsible for safeguarding the confidentiality and integrity of the crypto-wallet that will contain the cryptocurrencies that are mined. SMI has announced that it has entered into a Cooperation and Support agreement with The9 Limited (&ldquo The9&rdquo ), a technology company listed on NASDAQ, to procure 3,000 Crypto Mining rigs, with an option to buy further 2,000 Crypto Mining rigs.

 

Both companies will share the net proceeds of the cryptocurrencies that are mined after deducting the related operational and management expenses. As such, the Agreement is expected to contribute positively to the net assets and financial performance of the Group for the financial year ending 30 June 2022.

 

Previously, the Group has entered into a separate agreement with Frontier Digital Management, another Crypto Mining company, to install and operate 1,000 Crypto Mining rigs within Hatten Land&rsquo s properties. The shipment of the first pilot batch of 80 Crypto Mining rigs from Frontier Digitial Management has been confirmed and operation will also commence in January 2022. 

 

The Group is on track to meet its expectation of more than 2,500 Crypto Mining rigs to be installed and operated within Hatten Land&rsquo s properties in 2022. 

 

Aligning its business model with the growth trends of the digital economy and renewable energy, Hatten Land has announced various initiatives that include the following:

 

&bull       A joint-venture between its subsidiary Hatten Renewable Energy Sdn. Bhd. and a subsidiary of Bursa-listed Nestcon Bhd. to install over 6,000 solar panels on the roof of Dataran Pahlawan Melaka Megamall, Melaka&rsquo s largest mall, to reduce Hatten&rsquo s net carbon footprint, enhance &lsquo green&rsquo cryptocurrency mining capacity, lower energy costs and improve business synergies among its operations

 

&bull       An agreement with Enjinstarter to create a &lsquo metaverse&rsquo digital twin of Melaka city and to develop a dedicated token system, create digital assets, including nonfungible tokens (&ldquo NFTs&rdquo )

 

&bull       A joint venture with Hydra X to develop and operate cryptocurrency exchanges on &ldquo Green&rdquo and &ldquo Clean&rdquo cryptocurrencies and tokens, which are believed to be the first such exchanges worldwide.

 

Dato&rsquo Colin Tan, Executive Chairman and Managing Director of Hatten Land, said: &ldquo With this latest shipment of Crypto Mining rigs, we are gaining more traction in our Crypto Mining activities and we will continue to work closely with SMI and The9 to progressively scale up our operations and expand our track record in this area.

 

By combining our collective capabilities and resources, we will also focus on optimising and enhancing efficiency and improve our operating margins from this business segment.

 

We see the growth of the crypto mining business as accretive to our financial performance this year and should also lay a solid foundation for some of our digital ventures.&rdquo  

 

Mark Bedingham, President and CEO of SMI, said: &ldquo I am delighted that we have been able to move forward swiftly with Hatten Land to be able to finalise these agreements. This will enable SMI Vantage to start mining coins and we expect the first coins to be mined in January and we expect to have a substantial mining capability already by February this year. This will be a platform from which SMI Vantage will look for further expansion.&rdquo

 

HATTEN Land $ Hatten Land: PH0 0% on Tuesday (Jan 11) confirmed its first shipment of crypto mining rigs with partner Frontier Digital Management, following previous delays due to supply chain challenges.

 

The rigs, which will mine Bitcoin, will commence operations this month after delivery and installation, the Malaysian property developer said in a bourse filing.

 

On Dec 30, 2021, Hatten Land said in a reply to queries from the Securities Investors Association (Singapore), or Sias, that the recent tightening of border control measures due to Covid-19 further contributed to the delay in the delivery of the crypto mining rigs, as it resulted in a hold-up in the deployment of technical personnel from Singapore to Melaka.

 

In its latest filing, the company said it has deployed its technical team to Melaka from Singapore on Jan 5 to join and lead the ground team in Melaka to prepare for the crypto mining rig installation and operation.

 

The group expects its agreement with Frontier Digital to contribute positively to its net assets and financial performance for the financial year ending Jun 30, 2022.

 

Both companies will share the net proceeds of the mined cryptocurrencies after deducting related operational and management expenses.

 

Frontier Digital is a digital asset management technology company that oversees crypto mining assets for institutions and retail investors.

 

Under the terms of agreement, Frontier will install, operate, manage and maintain at least 1,000 crypto mining machines at properties owned or managed by Hatten Land in Melaka. The rigs will operate 24 hours each day including public holidays and weekends. It will initially mine Bitcoin, with alternative coins to be considered in the future.

 

The partnership with Frontier Digital brings the total number of crypto mining rigs to be installed at Hatten Land' s properties to 3,000.