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