Middle East based Sumner Group announces Security Token Offering
Sumner Global Singapore, in conjunction with Sumner Group Holdings has launched a security Token offering, SGHX to raise funds for up to $100 million. This is one of the largest STOs to date in the MENA region. The proceeds will be used for strategic growth initiatives including UAE expansion and existing global businesses.
Funds will also be used to build Blockchain use cases throughout the group to increase efficiencies.
The group is planning to debut on the London Stock Exchange. Already UAE investors from Abu Dhabi, Blue Rock Capial and Blue Stone Capital, representing Khalifa Hasan Ali Saleh Al Hammadi have signed intentions of $10 million each. The remaining $80 million will be raised through private sales and subsequent listing of SGHX tokens on a suitable exchange, followed by a prospective public STO.
David Sumner, Chairman & CEO of SGH said, “This is an exciting moment for Sumner Global and Sumner Group Holdings. This fundraise will allow us to strengthen our portfolio companies and execute our growth strategy throughout the region and globally. We are very grateful to our cornerstone investors for their participation. Security Token Offerings are a far cry from the days of ICO’s. Investors in the SGHX STO will receive tokens that are digitally programmed, and asset backed through a combination of public and private companies. Prior to any public sale launch, the tokens will be verified as fully compliant with regulations enforced by the Monetary Authority of Singapore. “In launching this STO, we are offering potential investors access to a digital asset backed by a diversified portfolio of natural resources, building materials, digital media and healthcare recruitment companies. Security backed by real assets”
The public STO offering will be under the regulations of the Monetary Authority of Singapore. Having received the requisite legal and regulatory approvals, SGH will issue up to 400,000,000 Class B Shares to Sumner Global as issuer of tokens (SGHX Tokens). These SGHX tokens will be secured against digitized rights attaching to the Class B Shares.
SGH is a diversified holdings company which acquires builds and manages businesses across the globe for the long term. The company currently holds interests in six businesses – VI Mining; SG Recruitment; Cleantech Building Materials; Glam Holdings; Fendix Media; and UAE Oil Services. These businesses are at various stages of maturity, from venture capital to publicly traded.
