CATALIST-LISTED Alset International 40V : 40V 0%will be entering the cryptocurrency mining business through its newly-established subsidiary Alset Mining.

In a bourse filing on Monday (Mar 21) night, the property investment and development company said it will "primarily be engaged in investment within the cryptocurrency mining industry".

Alset Mining also plans to acquire mining rigs in the year ahead to create a consistent stream of revenue.

"The company will also search for low cost sustainable sources of energy such as wind, solar or hydroelectricity for its cryptocurrency mining operations to align its sustainability efforts with Alset's mission of sustainable healthy living," it said.

Alset said the incorporation of the new subsidiary is not expected to have material impact on the net tangible assets per share and earnings per share of the company based on the unaudited financial statements of the group for the financial year ended Dec 31, 2021.

Chan Tung Moe, Alset's executive director and co-chief executive officer, said: "As the cryptocurrency mining market is expected to reach US$5.9 billion by 2028 with a compound annual growth rate of 28.5 per cent, this represents a huge upside within this emerging technology space that is rapidly changing every day."

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"We believe that the cryptocurrency mining opportunities in the market remain profitable. We will take prudent and measured steps as the industry involves," he added.

Shares of Alset closed flat at S$0.05 on Monday.

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