SINGAPORE (THE BUSINESS TIMES) - Hatten Land has inked an agreement with Huawei International to jointly explore and develop business opportunities in renewable energy, data centre, cloud computing, enterprise intelligence and fintech infrastructure.
Shares of the Catalist-listed company jumped on the news, gaining one cent, or 21.3 per cent, to 5.7 cents as at 10.28am. Trading was heavy with 82.5 million shares changing hands.
The counter had resumed trading on Monday after the company called a trading halt last Friday.
The news 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.
Hatten Edge - incorporated on Dec 16 - will spearhead all of Hatten's strategic pivots, digital and blockchain initiatives. The wholly-owned subsidiary entered into a comprehensive collaboration agreement with Huawei International.
Together, both parties will work on eco-friendly data centres which aim to cater to "surging demand" for data centres from cloud service providers in the region, Hatten Land said in a bourse filing on Monday (Dec 27).
They will also work on solar facilities in Malaysia. For starters, Hatten's first 6,000-solar-panel project on Melaka mall Dataran Pahlawan in 2022 will be equipped with Huawei's smart inverters.
Moreover, Huawei will provide its research and innovations on industrial-grade infrastructure architecture designed for fintech institutions. It will also support Hatten's digital initiatives by using cloud native technologies such as big data analytics, automation, algorithm and more.
The tie-up with Huawei International - part of China's Huawei Technologies - is one of the many partnerships Hatten Land recently entered into as part of its proposed diversification. Many of these are cryptocurrency-related.
Catalist-listed Hatten Land on Monday requested to lift a trading halt it called last Friday. Its shares last traded at 4.7 cents last Thursday.
• With additional information from The Straits Times