The move will also see both companies restructure its legacy contractual obligations to achieve a more sustainable capital structure.
Hatten Land has also implemented initiatives such as salary adjustments and reduction of non-essential expenses to conserve financial resources.
The group’s operations in Singapore and Malaysia were heavily affected during the circuit breaker measures and movement control order in both countries.
In Malacca, where the group’s portfolio is primarily based at, a significant decline in international and domestic tourist arrivals have affected consumer expenditure, as well as big ticket items such as local properties.
Scroll to continue
Shares in Hatten Land closed flat at 7 cents on Wednesday.
