Ahead of its planned London IPO, the Sumner Group plans to offer the Middle East’s largest STO to date for up to $100mln which will fund Sumner Group Holdings regional and global activities.
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 company is raising funding through its Singapore-registered subsidiary, Sumner Global, which will sell the SGHX token. Abu Dhabi investors Blue Rock Capital and Blue Stone Capital representing Khalifa Hasan Ali Saleh Al Hammadi have signed intentions of $10 million each, the company said in a statement.
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