Catalist-listed Hatten Land is seeking to diversify its business model to include renewable energy, physical-digital malls, cryptocurrency mining and the Metaverse on Dec 15.

The diversification will require the approval of shareholders, which the group will seek via an extraordinary general meeting (EGM) to be held on Dec 30.

The approval of the group’s shareholders will see Hatten Land being able to invest, acquire, purchase or dispose assets, investments, shares, or interests that are in line with the new business.

The approval will also allow the group to enter into joint ventures, partnerships and, or strategic alliances with third parties when the opportunity arises.

The proposed new business is aligned with the digital economy. It aims to expand the group’s revenue base and develop cost synergies within its business model.

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It can also potentially enhance the value of its physical assets and create digital assets as well as pursue sustainability efforts at the same time.

The new business will add to Hatten Land’s current core business activities including property development, mall management and leasing, and investment holding among others.

In the same release, Hatten Land says it expects its financial performance for the 2HFY2022 ending June 30 to improve compared to the 1HFY2022 due to the gradual lifting of travel restrictions.

This will in turn lead to the improvement of FY2022’s performance compared to that of FY2021, says the group.

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“Our digital pivot aims to enhance the value of our existing physical assets with the creation of new digital assets such as the Digital Melaka metaverse,” says Dato’ Colin Tan, executive chairman and managing director of Hatten Land.

“Together with cryptomining, phygital and renewable energy initiatives, the new business will usher in a new business era for Hatten Land to enhance shareholder value via the inclusion of new digital economy activities and sustainability initiatives,” he adds.

Shares in Hatten Land closed at 4.6 cents on Dec 14.

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