The Mohammed bin Salman Foundation (MiSK Foundation) has announced it is making a strategic investment of around SAR 813 million ($US 216.5 million) through the Electronic Gaming Development Company, wholly owned by the MiSK Foundation, to acquire an initial 33.3% stake in the Japanese gaming company SNK.
According to the agreement, the Electronic Gaming Development Company will acquire an additional 17.7% stake in SNK in the future that will increase its ownership in SNK to 51%.
The investment will enhance SNK’s strong capabilities, which has many innovative intellectual properties in the gaming sector with real potential for development\ in the future in line with anticipated growth with the electronic gaming industry.
MiSK Foundation continues to have a long-standing working partnership with SNK on various joint projects in animation and video games, through MiSK’s subsidiary Manga Productions. This included knowledge exchange programs for young Saudis who visited Japan as part of a training program where they worked with SNK on game development.
The new acquisition reinforces the objectives of the MiSK Foundation to achieve its goals through building partnerships with local and international organizations in various fields. It will also help further investment in the development of intellectual capital and unleash the energies of Saudi and global youth.