The Straits Trading Company (STC) launched on Oct 15 its inaugural $55 million multicurrency commercial paper (CP) facility programme, entirely in digital securities, on Singapore’s Digital Asset Exchange (SDAX).
According to an Oct 15 bourse filing, STC expects to raise between $5 million and $10 million from accredited and institutional investors under the first series of its three-month CP.
The digital securities are priced at an interest rate of 3.80% per annum, which is expected to mature approximately three months from the date of issuance.
STC had announced on Oct 10 that members of its Shareholders' Club will gain access to private markets and alternative investment opportunities through SDAX, as a part of a new partnership.
Under the new multicurrency CP programme, STC may, at its discretion, determine whether future commercial papers are to be offered for subscription to accredited investors and institutional investors on the SDAX Exchange Platform, or to retail investors only on SDAX’s Capital Markets Platform.
Shares in the Straits Trading Company closed 2 cents lower, or down 1.38%, at $1.43 on Oct 15.
