Publisher GCL Asia to Go Public via Merger with RF Acquisition Corp 

Grand Centrex Limited (GCL Asia), a video game distributor and publisher in Asia, announced that it will become a publicly listed company via a merger with RF Acquisition Corp.

As announced, GCL Asia alongside its subsidiaries and affiliated companies has entered a business combination agreement with RF Acquisition Corp, a publicly traded special purpose acquisition company, and RF Dynamic LCC, thus resulting in it becoming a publicly listed company.

Upon closing, the Combined Company is expected to be listed on Nasdaq under the ticker symbol “GCL”.

It was noted that the Combined Company will still continue to be led by Jacky See Wee Choo, Group Chairman of GCL Asia, Sebastian Toke, Group CEO of GCL Asia, and other key executive leadership members.

Shareholders of GCL Asia will retain a majority of the Combined Company’s shares, and the publisher will also designate a majority of director nominees for the Combined Company’s board.

The Proposed Transaction gives GCL Asia approximately $1.2 billion in pre-transaction equity value, including a minimum cash condition of $25 million, and it is expected to result in the distributor receiving gross proceeds of approximately $42.9 million.

For the uninitiated, GCL Asia along with its subsidiaries Epicsoft Asia, 4Divinity Limited, and 2Game are video game distributors and publishers in East Asia and Southeast Asia.

Together with its subsidiaries, GCL Asia has previously distributed many AAA titles in Asia, including Mortal Kombat 1, Hogwarts Legacy, Persona 5 Royal, and many more.

Management Commentary from RF Acquisition

“We are thrilled to work with Jacky and his visionary team at GCL Asia in their next chapter of growth and expansion in the dynamic Asian gaming market,” said Tse Meng Ng, Chairman and CEO of RF Acquisition.

“We greatly respect the publishing and distribution platform and the trusted industry relationships that Jacky and his team have built over the last decade.”

“With the expansion of the business to publishing and IP management, GCL Asia can help game publishers in the U.S. and Europe navigate increasingly sophisticated Asian content and unlock the full potential of the high-growth Asian market.”

“This is a unique opportunity for us to participate in a fast-growing, profitable company at an inflection point in its development.”

Management Commentary from GCL Asia

“This is an exciting time for the entire GCL Asia team as we execute our growth strategy in game publishing in Asian markets,” said Jacky Choo, Group Chairman of GCL Asia.

“Over the past 16 years, we have built a powerful distribution platform based on over 16 multi-year partnerships with AAA and independent game developers and publishers, reaching over 2100 retail touchpoints online and offline.”

“With the support of RF Acquisition and enhanced visibility following the NASDAQ listing, we are now ready to enter the higher-margin segments of game publishing and IP management, deepening our partnership with exceptional content providers, including game studios globally, to bring exciting new experiences to gamers.”

Sebastion Toke, Group CEO of GCL Asia, added “GCL Asia has a unique value proposition for games developers and publishers worldwide with our established expertise in games distribution, publishing, and marketing.”

“As more game developers and publishers in the U.S. and Europe set their eyes on the tremendous growth opportunity in the Asia market, GCL Asia is well-positioned as the go-to co-publisher in the Asian region.”

“On the other hand, China-based major games companies have faced difficulties navigating markets outside of China and are seeking a partner with the know-how to execute market outreach & localized marketing in the Asian regions.”

“GCL Asia’s growth trajectory is very clear — we plan to become the gateway to growth in Asia’s gaming scene by leveraging the dynamics in the gaming market ecosystem between developers, publishers, and end users.”

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