GCL announces close of subsidiary’s offer for Ban Leong

GCL Global announced that the voluntary unconditional cash offer for Ban Leong Technologies has closed and any acceptances received after the close of the offer will be rejected. To date, the Offeror has received valid acceptances in respect of 104,122,998 Shares, representing approximately 96.59% of the total number of issued Shares. These acceptances include an aggregate of 30,318,400 Shares tendered in acceptance of the offer by Teng Woo Boon Ronald, the Managing Director of the Company and his wife, Teo Su Ching. The Offeror now owns, controls, or has agreed to acquire an aggregate of 104,122,998 Shares representing approximately 96.59% of the total number of issued Shares of Ban Leong. As the percentage of the total number of issued Shares held in public hands has fallen below 10% as required by the Singapore Exchange Securities Trading, the Singapore Stock Exchange will suspend trading of the Shares at the close of the offer. As previously announced, the Offeror has no intention to support any action or take any steps for any such trading suspension by the SGX-ST to be lifted or to restore the public float. Instead, the Offeror intends to exercise its right to compulsorily acquire all the offer shares not acquired under the offer. Following such compulsory acquisition, the Offeror will proceed to delist Ban Leong from the Singapore Stock Exchange.