Singapore Myanmar Investco has entered into a non-binding memorandum of understanding (MOU) with Hatten land to jointly explore opportunities in cryptocurrency mining activities in Malaysia.
Under the MOU, which will come into effect from September 30 2021, the SMI and Hatten Technology, Hatten Land’s subsidiary, will work to develop a business plan to evaluate whether a sustainable long term business model can be created for both parties.
“This includes discussing and developing cryptocurrency mining activities and evaluating the installation of cryptocurrency mining machines in Melaka, Malaysia, subject to finalisation of the business plan, legal entities and any required regulatory approvals, should the study prove positive."
"If both parties can come to an agreement on the plan, they will give themselves 90 days to negotiate a definitive agreement and if so further announcements will be made."
According to SMI, the MOU with Hatten Technology is in line with its proposed expansion into providing technology-based Software-as-a-Service businesses and other high-tech platforms, which is a form of diversification from its core business.
According to Hatten Land in its Sept 16 announcement, it is planning to undertake energy-efficient ‘green’ cryptocurrency mining by drawing power to be generated by solar panels installed on the rooftops of malls Hatten Land owns or managers in Melaka.
It now runs six malls with a built-up area of more than six million square feet as well as four hotels.
See also: Hatten Land to explore 'green' cryptocurrency mining business; solar energy initiatives
Concurrently, Hatten Land plans to raise some $1.8 million by placing 80 million new shares at 2.3 cents each to a group investors. They are Alan Wang’s Asdew Acquisitions, which is taking up 40 million shares, and Evolve Capital Management and Ong Toon Wah taking up 20 million shares each.
SMI closed Sept 17 at 12 cents, down 2.36%. Hatten Land, meanwhile, closed on the same day at 7.3 cents, up 21.67%.
Photo by Brian Wangenheim on Unsplash
