Grand Centrex Limited (“GCL,” “GCL Asia” or the “Company”), one of Asia’s leading video game distributors and publishers, today announced that it, together with its subsidiaries and affiliated companies, has entered into a definitive business combination agreement (“BCA”) with RF Acquisition Corp (“RF Acquisition”) (NASDAQ: RFAC), a publicly traded special purpose acquisition company, and RF Dynamic LLC that will result in GCL Asia becoming a publicly listed company (the “Proposed Transaction”).

Upon closing, the combined company (the “Combined Company”) is expected to be listed on Nasdaq under the ticker symbol “GCL”. The Combined Company will 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.

GCL Asia’s shareholders will retain a majority of the Combined Company's outstanding shares, and GCL Asia will designate a majority of director nominees for the Combined Company’s board.

(Center - from left to right: Tse Meng Ng, Chairman and CEO of RF Acquisition, Sebastian Toke, Group CEO of GCL Asia & Jacky Choo, Group Chairman of GCL Asia)

Company Highlights

GCL Asia, together with its operating subsidiaries, collectively provide a full suite of gaming services, targeting the fast-growing video gaming markets of East Asia (“EA”) and Southeast Asia (“SEA”). One of GCL Asia’s subsidiaries, Epicsoft Asia Pte Ltd., enables creators to deliver fun gameplay experiences to Asia’s fast-growing market of gamers, and has over 16 years of operating history in the gaming industry. GCL Asia’s other operating subsidiaries include 4Divinity Limited, 2Game, and Titan Digital Media.

GCL Asia has become an established partner for international PC and video game publishers and developers for EA and SEA. The Company has been the exclusive distributor and marketer for 50% of the best-selling games of all time in the region, including The Witcher 3, Sonic series, Hogwarts Legacy, and Cyberpunk 2077.

Leveraging its unique geographic position and long-term established partnerships with global AAA game publishers, GCL Asia aims to become the next Asian powerhouse in gaming entertainment and content marketing. Following the merger, GCL Asia plans to continue delivering high-quality, engaging gaming experiences to the entire EA and SEA region with brand partners and content creators. The Company plans to leverage its comprehensive gaming ecosystem, bringing Asian-developed games to the global market, and U.S. and E.U.-developed games to the Asian market.

GCL Asia’s primary growth focus lies in the games publishing and IP management of AAA/AA game titles in Asia, which is projected to generate total video game revenues of $222.5 billion in 2023, i.e., 57.8% of worldwide video game revenue. With the number of users in Asia expected to reach approximately 1.7 billion by 2027, comprising 57% of total users worldwide by 2027, GCL Asia plans to leverage its operating experience of over 16 years in game publishing, marketing, and creative media design to cater to the evolving needs of Asian gamers.

GCL Asia’s first title as publisher for Asia, the single-player first-person shooter game Atomic Heart, was launched in February 2023. The number of units sold in Asia accounted for nearly half of the global sales to date. The Company plans to publish at least 6 new titles slated over the next 12 months.