Japan-based gaming company SNK Corporation was sold to a firm affiliated with the Saudi crown prince’s foundation. Electronic Gaming Development Company (EGDC), controlled by the Mohammed bin Salman Foundation (MiSK Foundation), announced that it has acquired 96.18 percent of SNK.
Known for its famous games such as Metal Slug and Fatal Fury, SNK Corporation will now operate almost entirely under the Mohammed bin Salman Foundation. EGDC, which is under the control of MiSK Foundation, continues to grow visibly in the gaming world.
Salman Foundation’s EGDC incorporated SNK Corporation
An interesting move came for SNK from Electronic Gaming Development Company, which is owned by Mohammed bin Salman Foundation. Game studio SNK has been acquired by Saudi Arabia, according to its latest company report on its website.
Actually, the cooperation between SNK and MiSK Foundation dates back almost two years. In an announcement made in November 2020, EGDC said that it had purchased 33.3 percent of SNK’s shares and announced that they would grow strategically.
The strategic growth expectation at that time was to purchase 51 percent of the shares of SNK, but MiSK Foundation seems to have made the big purchase already.
In the statement coming from the foundation belonging to Mohammed bin Salman, it was stated that this investment will pave the way for Saudi youth to take an active role in the gaming world.
Saudi Arabia’s recent investments in the gaming world do not go unnoticed. We knew earlier that the Saudi Arabian Public Investment Fund (PIF) is a partner in both Capcom and Nexon shares. Also PIF; Activision Blizzard has launched a $3.3 billion investment fund to buy shares from companies like EA and Take-Two.
And how do you interpret this agreement between EGDC and SNK Corporation, owned by Mohammed bin Salman? Don’t forget to share your feedback with us on the SDN Forum or in the comments.
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