Bukit Jalil Global Acquisition 1 Ltd.
PROPOSED BUSINESS COMBINATION: GIBO Holdings Limited
ENTERPRISE VALUE: $tbd million
ANTICIPATED SYMBOL: tbd
Bukit Jalil Global Acquisition 1 Ltd. proposes to combine with GIBO Holdings Limited.
unded in 2019 and powered by its platform GIBO.ai, GIBO is a unique integrated AIGC animation streaming platform aiming to revolutionize content creation and consumption through AI. GIBO offers creators a full range of services from brainstorming to monetization, encompassing voice synthesis and advanced image generation capabilities. With its broad content selection and innovative AI technologies, GIBO has garnered a substantial following among the Asian Generation Z demographic. As of December 31, 2023, GIBO boasts a strong registered user base exceeding 60 million, including 20,000 content creators across Taiwan, Malaysia, Singapore, India, Bangladesh, Indonesia, Thailand, Vietnam, Philippines, and Myanmar.
TRANSACTION
- The agreement gives the company a total merger consideration of $8.28 billion.
SPAC FUNDING
- No additional funding was mentioned at this time.
LOCK-UP
- Company
- Not specified at this time.
- Sponsor
- From the initial prospectus:
- 50% of the shares will be released at 6 months and 50% of the shares will be released at the earlier of 6 months or if the share price equals or exceeds $12.00 for any 20/30 trading days.
- From the initial prospectus:
NOTABLE CONDITIONS TO CLOSING
- The available closing cash is no less than $30 million upon the second closing date.
NOTABLE CONDITIONS TO TERMINATION
- The outside date is June 30, 2025
ADVISORS
- Company
- DLA Piper UK LLP is serving as legal counsel.
- SPAC
- Robinson & Cole LLP is serving as legal counsel.
EXTENSION – 7/2/24 – LINK
- The SPAC approved the extension from June 30, 2024 to June 30, 2025.
- 2,820,485 shares were redeemed. LINK
- $100K per month will be deposited into the trust account.
LETTER OF INTENT – 1/11/24 – LINK
- The SPAC entered into a non-binding letter of intent with Global IBO Group Ltd, which outlines the general terms and conditions of a potential business combination involving Global IBO and its subsidiaries.
- GIBO operates the cross-cultural streaming platform and offers an innovative design engine developed to unleash the creative potential of storytellers and content creators. It provides a suite of advanced AI tools, including AI Script for intuitive scriptwriting, AI Voice for realistic voice synthesis, and AI Image for transforming text to vivid visuals. This platform simplifies the content creation process, making it accessible to creators of all levels.
MANAGEMENT & BOARD
Executive Officers
Seck Chyn “Neil” Foo, 55
Chief Executive Officer, Chief Financial Officer, Director, and Chairman
Since October 2022, Mr. Foo has served as an Executive Director of Sinar Tenaga Engineering Sdn Bhd, a construction and maintenance company. Since 2022, Mr. Foo has served as a corporate advisor of Smile-Link Healthcare Global Berhad (Bursa Malaysia: 03023), a Malaysia-based dental services provider. Since October 2020, Mr. Foo has served as the Managing Director of Fission Capital Sdn Bhd, a business advisory company. Since July 2018, Mr. Foo has served as the Group Chairman and an Independent Director of MCOM Holdings Berhad (Bursa Malaysia: 03022), a Malaysia-based investment holding company focusing on segments including mobile payment solutions, mobile advertising platform and Internet services. Since September 2019, Mr. Foo has served as a senior advisor of Wise AI Sdn Bhd, an Association of Southeast Asian Nations based artificial intelligence platform company specializing in facial recognition technology. Since October 2021, Mr. Foo has served as the Chief Strategist of NCT Alliance Berhad (Bursa Malaysia: 0056), a Malaysia-based company engaged in construction, real estate and building materials trading. From December 2020 to May 2021, Mr. Foo served as an Investment Director of Novelplus Technology Berhad (Bursa Malaysia: 03045), a Malaysia-based investment holding company engaged in the development, operation and management of an online social reading and writing platform, NovelPlus. From March 2020 to February 2021, Mr. Foo served as the Global Panel Advisor of Ho Wah Genting Berhad (KLSE: 9601), an investment holding company engaged in the provision of management services. From April 2014 to May 2018, Mr. Foo served as CEO of Secretariat for the Advancement of Malaysian Entrepreneurs, an unit of Prime Minister Department of Malaysia to support Malaysia startups and small-medium enterprises. From January 2017 to May 2018, Mr. Foo was also a Committee Member of the Special Task Force Logistic of Ministry of Transport of Malaysia, and, from January 2016 to December 2017, he was a member of the Chairman Group of the Malaysia Representative to the APEC SME Forum. Mr. Foo has authored five books in English and Chinese, including the one with the latest topic of “The Sky is the AI Limit.” In December 1993, Mr. Foo obtained his Bachelor Degree of Business with a major in Business Management and Marketing from Charles Sturt University, New South Wales, Australia.
Board of Directors
Bee Lian Ooi, 53
Independent Director Nominee
In June 2020, Ms. Ooi founded JL Signature Sdn. Bhd., a private investment and asset management firm focusing on real estate and technology-driven investment holdings in Malaysia, and she has served as the Managing Director since then. Specializing in haemodialysis patient care and general life support interventions, Ms. Ooi had served as an Associate Director of Nursing Department of the Penang Community Haemodialysis Society from January 2015 to March 2022, a healthcare provider. Her tenure included years of progressive leadership with experience in governance, operations, strategy development, advocacy, human resources and business development, where she served on several association-wide task forces. Since January 2008, Ms. Ooi has also served as a Sales and Marketing Manager in Healthcare Retailer Extra Excel (Malaysia) Sdn. Bhd., with experience in marketing healthcare and wellness products in the Malaysian market. Ms. Ooi received her Executive Master of Business Administration Degree from Lincoln University College, Malaysia in June 2022, and obtained a Diploma in Nursing from the College of Nursing, Hospital Lam Wah Ee, Malaysia in September 1992.
Phui Lam Lee, 35
Independent Director Nominee
Since October 2021, Mr. Lee has served as the Chief Executive Officer and a Director of Projaktor Studio Sdn Bhd., a public relation and business advisory firm. Since December 2018, Mr. Lee has been the founder of CS Capital Consultant, an asset management and consulting service provider. In November 2015, Mr. Lee founded Weelde Capital Sdn. Bhd., an investment holding company specialized in investment in startup companies in technology, education and hospitality sectors, and has served as director since then. From February 2016 to March 2019, Mr. Lee served as the Chief Financial Officer and Director of Scape Education Holdings Sdn. Bhd., a one-stop holistic education provider specialized in IGCSE exams and IELTS language center. In December 2009, Mr. Lee obtained his Bachelor of Engineering (Honors) in Electrical & Electronic Engineering from KBU International College, in collaboration with Sheffield Hallam University, UK.
Suwardi Bin Hamzah Syakir, 29
Independent Director Nominee
Since November 2017, Mr. Hamzah has served as an audit manager of CH Kok & Associates, a licensed audit firm in Malaysia. From Jun 2017 to November 2017, Mr. Hamzah served as an audit associate of AGS Advisory, an audit firm. From November 2016 to June 2017, Mr. Hamzah served as an audit assistant of Syed Mubarak & Co., an auditing, accounting and tax advisory services provider. From August 2014 to October 2016, Mr. Hamzah served as an accountant of Sunrise Advisory (M) Sdn. Bhd., an accounting and secretarial firm. In January 2021, Mr. Hamzah obtained his Bachelor of Accountancy (Honors) from Universiti Teknologi Mara.
