CP Group’s Chearavanont family launches US$300m equity-NFT fundraising campaign advised by Sygnum

THAI entertainment company T&B Media Global is looking to raise US$300 million under a hybrid equity-NFT (non-fungible token) fund structure to finance a metaverse platform, with Singapore-based Sygnum advising the deal.

The metaverse platform called Translucia gives corporate partners a launchpad to leverage blockchain technology and build “an infinite universe of interconnected metaverses”, Sygnum and T&B Media Global said in a statement on Tuesday (Oct 4).

Magnolia Quality Development Corporation (MQDC), a Thai real estate developer, is the platform’s first corporate partner.

T&B Media Global is part of the family business of CP Group, which owns 7-Eleven, Family Mart, and the Lotus supermarkets, among other businesses. It is owned by the Chearavanont family, which is currently the fourth wealthiest family in Asia.

Sygnum, which holds a Swiss banking licence and a capital markets services licence in Singapore, will act as a corporate finance adviser and manager in the fundraising campaign, leading the fundraiser, managing roadshows, and pitching the project to prospective investors.

The funding exercise uses a structure that hybridises equity and NFTs, including NFTs of virtual land projects, into a financial instrument. Investors may have the potential to later redeem their stakes in NFTs.

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Sygnum is also in charge of setting up the structure, developing metaverse token economic models, and providing institutional-grade custody for traditional securities and tokens involved in this deal.