In a major development in the financial and entertainment sectors, Global IBO Group Ltd. (GIBO), an innovative AIGC animation platform provider, and Bukit Jalil Global Acquisition 1 Ltd. (Bukit Jalil Global), a publicly traded special purpose acquisition company, have revealed a definitive business combination agreement. This strategic move will see the integration of GIBO’s cutting-edge animation platform with Bukit Jalil Global’s financial expertise, culminating in the formation of a new entity, GIBO Holdings Limited, which will be listed on The Nasdaq Stock Market LLC.

Details of the Business Combination

The business combination involves a two-step merger process. Initially, GIBO Merger Sub 1 Limited, a subsidiary of the new entity, will merge with Global IBO Group Ltd., with GIBO remaining as a wholly-owned subsidiary. Subsequently, GIBO Merger Sub 2 Limited will merge with Bukit Jalil Global, making Bukit Jalil Global a wholly-owned subsidiary of the newly formed GIBO Holdings Limited.

As a result of these transactions, shareholders of both companies will receive different classes of shares in GIBO Holdings Limited. Bukit Jalil Global’s and GIBO’s shareholders will receive Class A ordinary shares, while GIBO’s Founders will be issued Class B ordinary shares, which carry a higher voting power.

Management Insights

Chun Yen “Dereck” Lim, Chairman of Global IBO Group Ltd., expressed enthusiasm about the agreement, stating that Bukit Jalil Global’s capital management expertise aligns with GIBO’s vision of becoming a leading platform for content creators worldwide. He is confident that this partnership will bolster GIBO’s position in the global market.

Jing Tuang “Zelt” Kueh, CEO of Global IBO Group Ltd., highlighted the significance of this transaction for GIBO’s growth trajectory. Kueh believes that the merger will enhance GIBO’s technological capabilities, content offerings, and user base, propelling its strategic expansion and transformation in the animation industry.

Dr Seck Chyn “Neil” Foo, CEO of Bukit Jalil Global Acquisition 1 Ltd., shared his excitement about the partnership, noting GIBO’s strong presence in the Asian market and its leadership in animation streaming. Foo anticipates that the merger will lead to a successful future as a Nasdaq-listed entity, benefiting from the combined strengths of both companies.

Global IBO Group Ltd., established in 2019 and powered by GIBO.ai, offers a comprehensive AIGC animation streaming platform. Its services range from content creation to monetization, featuring advanced AI technologies such as voice synthesis and image generation. As of December 31, 2023, GIBO has amassed over 60 million registered users and 20,000 content creators across several Asian countries.

Bukit Jalil Global Acquisition 1 Ltd. operates as a special purpose acquisition company (SPAC), formed to facilitate business combinations and mergers. This transaction represents a significant step for both entities, blending GIBO’s innovative platform with Bukit Jalil Global’s financial acumen.

  AIGC animation, Bukit Jalil Global Acquisition 1 Ltd., Business Combination, GIBO.ai, Global IBO Group Ltd., NASDAQ