HATTEN Land PH0 : PH0 0%is seeking the green light from shareholders to diversify its property business to include renewable energy, physical-digital malls, cryptocurrency mining and the metaverse.

The Malaysian property developer will hold its extraordinary general meeting via electronic means on Dec 30 at 10.30 am, it said in a bourse filing on Wednesday (Dec 15).

Having shareholder approval will allow the group to invest, acquire, purchase or dispose of assets, investments, shares or interests that are in line with these new businesses.

Hatten Land is hoping to expand its revenue base and develop cost synergies within its business model, potentially enhance the value of its physical assets as well as create digital assets and pursue sustainability efforts, it said.

The group has substantial hospitality and commercial property businesses and assets in Melaka, Malaysia. It added that its hospitality and mall activities were impacted by Malaysia movement restrictions to control the pandemic.

Hatten Land in recent months entered into mostly cryptocurrency-related activities. 

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One such initiative was a definitive agreement with Frontier Digital Asset Management to install at least 1,000 crypto-mining rigs within the group's Malaysia properties.

Another is a tie-up with mainboard-listed SMI Vantage to install up to 2,000 crypto-mining machines at its green crypto mining centres, which is subject to approval. 

The group also formed a joint venture (JV) with Singapore fintech company Hydra X to develop and operate cryptocurrency exchanges that will focus on the listing and trading of newly-minted bitcoins.

In addition, it is working with Prakal - known as EnjinStarter - and other partners to develop a token system and build a "metaverse" that contains digital or non-fungible token (NFT) assets.

Most recently, the group said its subsidiary Hatten Renewable Energy is forming a JV with Bursa-listed Nestcon to manage solar panel facilities in Malaysia. This includes installing over 6,000 solar panels on the roof of Dataran Pahlawan Melaka Megamall, a mall managed by Hatten Group.

As travel restrictions gradually lift, Hatten Land said that it expects an improvement in its financial performance for the second half of the year ended Jun 30, 2022.

The group posted a net loss of RM16 million (S$5.2 million) for the first quarter ended Sep 30, narrowing from RM16.6 million in the year-ago period. Revenue was down 58.9 per cent to RM1.7 million due to decreased property viewings which led to lower sales, the group said in a Nov 14 bourse filing.

Shares of Catalist-listed Hatten Land closed 4.6 per cent or S$0.002 higher at S$0.046 on Tuesday (Dec 14).

READ MORE:

• Hatten Land eyes the metaverse but struggles to meet prosaic deadlines for results, AGM

• Hatten Land narrows Q1 loss to RM16 million

• Hatten Land enters JV to manage solar panel facilities in Malaysia

• Hatten Land forms JV with Hydra X; to raise S$1.2m via private placement

• Hatten Land to develop token system, NFTs for digital tourism in Melaka

• Hatten Land agrees to operate 1,000 crypto mining rigs in Malaysia