Hot stock: Hatten Land rises 7% on latest crypto mining tie-up

SHARES of Hatten Land soared on Thursday (Mar 31) morning amid heavy trading following the group's announcement of a new partnership for its crypto mining activities in Melaka.

As at 9.37 am, its share price had climbed 7 per cent or S$0.003 to S$0.046 with some 12 million shares changing hands - making Hatten Land the second-most actively traded counter by volume after Sembcorp Marine, which saw 24.9 million securities transacted at the time.

No married deals were recorded in early trade, according to ShareInvestor data.

Hatten Land's share price surge comes after the Catalist-listed property developer announced its subsidiary's new partnership, which would allow the addition of up to 550 crypto mining rigs to the group's crypto mining facilities in Melaka.

The first 50 sets are targeted to be delivered as pilot batch machines by end-April with an option to deliver an additional 500 rigs in 2022.

While its new business partner was not named, Hatten Land said the entity and its owner have hundreds of crypto mining rigs operating within South-east Asia including Peninsular Malaysia, East Malaysia and Laos - and endeavours to expand its crypto mining operations with Hatten Land in Melaka.

Both companies will share the net proceeds of the cryptocurrencies that are mined.

Hatten Land therefore expects the latest agreement to contribute positively to its net assets and financial performance for the financial year ending Jun 20, 2022.

The group also announced that it will now accept major cryptocurrencies for property sale, retail and hospitality transactions under its property portfolio, in light of the reopening of borders between Singapore and Malaysia.