- GCL Global Holdings Ltd (GCL, Financial) completes acquisition of Ban Leong Technologies with 96.59% share ownership.
- Managing Director and his wife tendered 28.13% of shares, indicating strong support.
- Ban Leong Technologies to be delisted from the Singapore Stock Exchange following compulsory acquisition.
GCL Global Holdings Ltd (GCL) has successfully closed its voluntary unconditional cash offer for Ban Leong Technologies Limited through its indirect subsidiary, Epicsoft Asia Pte. Ltd. The offer resulted in GCL securing an overwhelming 96.59% ownership, equivalent to 104,122,998 shares of Ban Leong's total issued shares. This marks a significant milestone, as the company moves towards complete acquisition and aims to strengthen its market position in Singapore.
Notably, the Managing Director of Ban Leong, Mr. Teng Woo Boon Ronald, and his wife have shown strong support for the acquisition by tendering 28.13% of the company's shares. This pivotal acceptance underscores internal alignment with the strategic goals of GCL.
As the percentage of shares held by the public dipped below the necessary 10% threshold, the Singapore Exchange Securities Trading Limited (SGX-ST) will suspend trading of Ban Leong's shares. GCL has announced its intention to proceed with a compulsory acquisition of the remaining shares, leading to the delisting of Ban Leong from the SGX-ST.
This acquisition allows GCL to consolidate its position in the games and entertainment sector by integrating Ban Leong's technology distribution capabilities. The transaction is a strategic fit within GCL's broader ambitions to expand its footprint in the Asian gaming market.
