Hot stock: Hatten Land sees heavy trading on Huawei partnership

HATTEN Land's PH0 shares saw heavy trading on Monday (Dec 27) morning after the Malaysia property developer announced a partnership with Huawei International.

Shortly after resuming trading following a halt called on Dec 24, the counter jumped as much as 23.4 per cent or S$0.11 to reach a 1-month high of S$0.058 as at 9.41 am.

Shares of Hatten Land later closed 19.2 per cent or S$0.009 higher at S$0.056. The counter was also the second most heavily traded by volume with 120.6 million shares changing hands.

Hatten Edge - incorporated on Dec 16 - will spearhead all of Hatten's strategic pivots, and digital and blockchain initiatives. The wholly-owned subsidiary entered into a comprehensive collaboration agreement with Huawei International - part of China's Huawei Technologies.

Both parties will jointly explore and develop business opportunities in renewable energy, data centre, cloud computing, enterprise intelligence and fintech infrastructure - Hatten Land said on Monday in a bourse filing before the market opened.

The move comes as the Malaysia property developer eyes shareholder approval at an extraordinary general meeting on Dec 30 to diversify its business to include renewable energy, physical-digital malls, cryptocurrency mining and the metaverse.