The Board of Singapore Myanmar Investco Limited announced that it has entered a comprehensive non-binding memorandum of understanding ("MOU") with The9 Limited, to launch a cryptocurrency cloud mining business. Focusing initially on three types of cryptocurrencies - Bitcoin (BTC), Filecoin (FIL) and Chia (XCH) - the mining business will be hosted in a range of facilities across Canada, US, Central Asia and the ASEAN region to serve customers. This business is expected to commence in Fourth Quarter 2021 and will be subject to regulatory approval.

Following the MOU, SMI has also entered into a cooperation and support agreement now, which includes a range of technical support services to be provided by NHASH (Hang Zhou Suan Li Technology Co Ltd), a cryptocurrency cloud mining Software-as-a-Service ("SaaS") company, for an initial five year term, and with an option to extend for another five years, subject to mutual agreement. This agreement also presents SMI with the option to purchase up to 4,000 crypto mining machines, including models such as the Antminer S19j, and the Whatsminer M31S+, for a consideration to be further agreed on by both parties. Any payment through shares will be subject to the approval of SMI's shareholders at an extraordinary general meeting to be convened in the later part of the year.

SMI, The9 and NHASH are committed to best practices in reducing the environmental impact of cryptocurrency cloud mining operations.