Hatten Land has, on April 13, announced that it is rebranding its existing Elements Mall in Melaka, Malaysia, to Element X.
The mall will be reconfigured into Southeast Asia’s first large-scale integrated electronic sports (or Esports) experiential hub and Metaverse gateway. The hub will include a themed hotel, an Esports arena and pro-Esports facilities.
The mall is located along the straits waterfront and has a gross floor area (GFA) of 1.88 million sq ft of retail space across 13 floors.
According to Hatten Land, it is in the advanced stages of discussions with various established partners in the Metaverse, Esports, mobile gaming and digital-related industries.
Dato’ Colin Tan, executive chairman and managing director of Hatten Land, says: “With its rapid growth and popularity, Esports is shaping up to be the new nexus of sports, media, and entertainment, selling out venues and drawing massive audiences for televised and online events.”
“At the same time, Element X can leverage on the Metaverse trend to create new frontiers and utility for lifestyles, communications and businesses ahead, creating the linkage between the physical world and the digital world,” he adds. “As interest and attention continues to build for the Metaverse and Esports industry, we aim to build and expand the infrastructure necessary to deliver the best Metaverse and Esports experience possible for fans and professional players not just in Malaysia, but across the world.”
See also: SingPost in 'exclusive' talks over divestment of Australia assets
Share placement
At the same time, Hatten Land will be undertaking a share placement exercise to raise some $5.0 million. Under the placement agreements, Hatten Land will allot and issue a total of 121.95 million new ordinary shares at an issue price of 4.1 cents per share to 10 subscribers or placees.
Some of those who have subscribed to the share placement exercise include Toh Soon Huat, Mock Pak Lum, Priscil Poh Ly-May and Samuel Ong Chee Ming (Wang Jiming). Toh is a full-time volunteer executive chairman of Sian Chay Medical Institution, while Mock is the managing partner of Tembusu Blockchain Fund I. He was also previously the chief technology officer at StarHub. Loh is the founder and owner of Singapore-based design and build specialist P’art 1 Design, while Ong is the founder of Excelgames Interactive, Asia Pacific’s leading distributor of video gaming related products.
See also: Marina Bay Sands taps banks for record $12 bil loan
The placement shares represent around 6.57% of the enlarged share capital, while the placement price represents a discount of 10% over the five-day volume weighted average price (VWAP) of 4.56 cents per share up to April 8.
“We are pleased to garner strong interest in our latest share placement exercise, which demonstrated the confidence that these prominent investors have in our growth ambitions with Asia’s digital economy,” says Dato’ Tan.
“With the new funds raised, we can further accelerate our digital roadmap that centres around creating new business value propositions and enhancing shareholder value,” he adds.
Shares in Hatten Land last traded at 4.5 cents before its trading halt on April 11.
