Crown Prince of Saudi Arabia to become SNK majority shareholder
Saudi Arabia, one of the wealthiest countries in the world, can sometimes be in the news headline for all the wrong reasons.
Whether it’s human rights violations, or if the royal family is announcing that homosexuality is a punishable crime. The country isn’t typically far from some controversy.
So to discover that the Crown prince of Saudi Arabia, Mohammad bin Salman’s non-profit charity is set to acquire a controlling stake in Japanese gaming company ‘SNK’, can seem a bit odd.
The Mohammad bin Salman Charity Foundation, announced on Friday, that they had invested $223 million in SNK, to acquire 33% of the business. With a deal for the charity to invest more money at a later date, to gain another 17.7% of the companies shares. All this was using a subsidiary company called the ‘Electronic Games Development Company.
Part of a statement on the foundations’ website reads:
“The ‘Electronic Games Development Company’ investment in the Japanese Games Company (SNK) also enhances the objectives of the Mohammed bin Salman Charitable Foundation to continue its efforts in building partnerships with local and international organizations in various fields. This will help it to increase investment in the development of intellectual capital and unleash the energies of youth in the kingdom and at the global level.”
It should be noted that SNK has worked with the Saudi crown princes charity in the past. Allowing youths from the kingdom to learn more about game development and the opportunities it can provide for them.
On the news of the potential takeover, SNK’s stock price rose 30%.
What do you think? Do you agree with the potential majority takeover of Japanese gaming company SNK, by a Saudi foundation? Or do you think it could spell trouble in the future?
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