Sumner Global Lists its SGHX tokens on London Derivatives Exchange

Sumner Global Lists its SGHX tokens on London Derivatives Exchange

Sumner Global Singapore (‘SG Singapore’), in conjunction with Sumner Group Holdings (SGH Global),has listed its SGHX tokens beta live  for trading on the London Derivatives Exchange (LDX), running an order matching platform, regulated by the Financial Conduct Authority and working in partnership with Hex Trust Hong Kong, the licensed custodian, providing safe keeping and settlement of orders from LDX for the SGHX tokens. Sumner has anounced in March that they would be offering an STO and listing on London Stock Exchange

 SG Singapore is issuing 120,525,202 tokens, representing approximately a 22% economic interest in SGH Global, a diversified holdings company. The funds raised from further token sales will support the strategic growth of SGH Global’s portfolio companies and allow the integration of blockchain technology throughout the group to increase efficiency, security and governance. 

As part of the STO, Maju Holdings Sdn. Bhd. (MAJU) has in return for approximately 59 million private placement tokens and the securing of an International school operator agreed to  SGH acquiring a 20% shareholding in a proposed joint-venture company which will develop a multi-use real estate project in Kuala Lumpur. Maju is one of the most recognised and pre-eminent conglomerates in Malaysia. Established in 1977 under the stewardship of Group Executive Chairman, Tan Sri Abu Sahid Mohamed, its diversified portfolio includes construction, property, infrastructure, services and manufacturing.

 According to David Sumner, Chairman and CEO of SGH Global, "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” 

VJ Angelo, CEO of LDX ( London Derivatives Exchange) commented, "We are pleased to welcome the SGHX 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”

 In early September 2019, MAJU and SGH signed an MOU with the intention to form a strategic partnership for a joint-development of a proposed commercial real estate development with a projected gross development value of US$800 million. The development has a total gross floor area of 4,600,000 sq. ft. on a 15 acre site located just south of Kuala Lumpur City Centre, Malaysia. The development plans comprise a 1,000,000 sq. ft. retail shopping mall with basement and multi-storey car parks, an international school campus with integrated world-class lakeside recreation facilities and up to nine residential high-rise blocks (premium condominiums and student housing). 

In exchange for 59 million tokens (priced at US$0.28) and the introduction of an International school operator, SGH would acquire an initial 20% equity stake with an option, alongside additional investment, to increase its holding in this co-branded project to up to 50%.  The project will focus exclusively  on fundraising, operator acquisition and technology integration. David Sumner commented: “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.” 

Group Executive Chairman of Maju Holdings, Tan Sri Abu Sahid Mohamed commented: “We are delighted to be working alongside SGH Global on what we hope is the first of many projects together. Our partnership is borne out of a close relationship based on ethics, corporate governance and pragmatism. I look forward to working with David and his team going forward”.

 

Source: Sumner Press release
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