Summer Global has listed its SGHX security token for trading on London Derivatives Exchange (LDX) and has further signed an MoU to form a strategic partnership with Maju Holdings, a multi-billion dollar Malaysian conglomerate.
Summer Global Holdings (SGH) is a diversified holdings company which acquires builds and manages businesses across the globe for the long term. Sector interest includes mining, healthcare, clean technology, digital technology, real estate and protective services.
Notable Points of Listing
- First and largest security token hosted on LDX with Over 120 million Tokens.
- Listing price at US$0.28 per SGHX Token, with market value of tokens at US$34 million.
- Represents 22% economic interest of SGH Global.
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.
David Sumner, Chairman 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.”
Aim of Partnership with MAJU
Established in 1977, MAJU is one of the most recognized and pre-eminent conglomerates in Malaysia. MAJU and SGH have signed an MoU with the aim to form a strategic partnership for joint-development of a proposed commercial real estate project valued at $800 million.
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.