Company: GCL
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069672
Chunk: 246

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 20-F
Item: Item 19
Chunk 246
---
 company listed on the Singapore Exchange Securities Trading Limited
(“ SGX-ST”). The Offer became unconditional on May 27, 2025. As the Offeror has received valid acceptances of more than90% of the total number of issued shares of Ban Leong, the Offeror is entitled to, and will be exercising its right of compulsory
acquisition under the Companies Act 1967 of Singapore. Subsequent to the completion of the compulsory acquisition which is currently
expected to take place on or around August 25, 2025, Ban Leong will be officially delisted from the SGX-ST. Cash consideration of
the Offer will be financed through a combination of an approximately $38.7million secured term loan facility provided by The
Hongkong and Shanghai Banking Corporation Limited, Singapore Branch (the “ HSBC term loan facility”) and approximately
$10.0million cash on hand from the Company. The HSBC term loan facility is secured by all assets of GCL Global
Pte Ltd, has a five-year term, bears a floating interest rate ranging between2.5% and7.5%, and requires quarterly repayments, with the
final installment due in July 2030.

The Company concluded that
the acquisition of Ban Leong was significant based on assessments using the income test, asset test, and investment test pursuant to S-X
Rule 3-05. Pursuant to ASC 805-10-50-2 (h). the unaudited pro forma information of the Company for the year ended March 31, 2025, 2024,
and 2023 set forth below gives effect to the business combination as if it had occurred on April 1, 2022 and combines the results of operations
of the Company since then. The unaudited pro forma information is presented after applying the Company’s accounting policies and
elimination intra-entity transactions, as applicable. The unaudited pro forma information does not include any impact of transaction synergies
and is presented for informational purposes only and is not necessarily indicative of the results of operations that would actually have
been occurred had the business combination been consummated as of that time or that may result in the future:

                                      For the                          For the                          For the                      
                                      Year ended                       Year ended                       Year ended                   
                                                                                                                                     
                                      March 31,                        March 31,                        March 31,                    
                                      2025                             2024                             2023                         
 ─────────────────────────────────────────