RIYADH: The Prince Mohammed bin Salman bin Abdul Aziz Foundation “MiSK” has announced a strategic investment of SR813 million ($216.5 million), acquiring 33.3 percent of Japanese video game hardware and software company SNK.
This purchase came with the stipulation that the Saudi foundation would buy another 17.7 percent of SNK shares in the future, raising its share of investment in the company’s ownership to 51 percent and making the Saudi crown prince the majority shareholder of SNK once the deal is finalized.
The investment is part of the foundation’s commitment to developing the skills of young men and women in Saudi Arabia, MiSK said. The decision will also enhance the capabilities of SNK, which has many innovative intellectual properties in the gaming sector.
While MiSK owns several patents in the gaming sector, the formation of a deal with one of the leading companies in the field will help the foundation to promote its presence within the industry while enabling it to achieve partnerships with both local and international organizations in various fields.
“Through the MiSK foundation, we take initiatives, encourage innovation and in turn, ensure sustainability and growth to achieve the higher goal: developing the human mind,” Crown Prince Mohammed bin Salman, founder and chairman of the board at MiSK, said in a statement on the foundation’s website.