Summer Global (SGH) has just announced the launch of a new STO (Security Token Offering) for the issuance of the SGHX token on the London Stock Market.
To achieve this, the company has also entered into a partnership with Maju Holdings. SGH is an investment company involved in mining, healthcare, real estate and digital technology.
The new token will be called SGHX and will have an initial price of $0.28, for a total of 120,525,202 units worth $34 million, 22% of SGH’s economic interests.
The President and CEO of SGH Global said:
“Bringing the first SGHX tokens to market for trading is the culmination of an ambition held since our inception – to incorporate digital technology into our business model enabling access to new pools of capital in order to drive growth across the SGH portfolio. We have built the foundations of a well-diversified group of operating companies with best-in-class management, accelerated technology and corporate governance platforms at the heart of our investment philosophy. I would like to thank all of the SGH team and partners involved for their efforts in getting us to this launch”.
STOs (Security Token Offerings) are financial instruments that represent traditional assets, such as bonds or equities, which are placed in a smart contract and digitised thanks to the newly issued token.
LDX CEO VJ Angelo added:
“We are pleased to welcome SGHXs’ token to LDX. SGH Global are the first company to successfully partner with LDX and have their token hosted for trading. We congratulate them on this significant milestone. We look forward to continuing our relationship with SGH and our partners to develop this new market in the coming months”.
Maju Holdings and SGH Global entered into a partnership at the beginning of September that includes the development of an $800 million, 15-acre real estate project located in Kuala Lumpur, Malaysia.
Shopping malls, school campuses, residences and more in exchange for 59 million SGHX tokens. This figure will ensure a 20% shareholding which, together with the investments SGH has already made at the start of the project, will bring the company’s total share to around 50%.
“Forming this strategic relationship with Maju Holdings marks a significant milestone for SGH Global in growing our footprint further in South East Asia. Being selected to support the major mixed development project in close proximity to Kuala Lumpur cements our position as a leader in our field. We are very excited to begin this next phase of our journey and further diversify our strong base of assets”.