Sunday, November 29, 2020

Saudi Arabia’s Crown Prince’s Foundation To Buy 51 Percent Stake In SNK


Japanese fighting game developer SNK is as important a name in the scene as Capcom or Bandai Namco. If you know games like Samurai Shodown and the King of Fighters, then you should know the name. But a controlling stake in the company is about to be acquired by one of the most unlikely entities. And it’s the Mohammad bin Salman Charity Foundation.

According to the announcement by the foundation, it has invested around SAR813 million (~RM882 million) in SNK. This gives the foundation a 33.3% stake in the company. Though as part of the deal, the foundation will be buying another 17.7% of the game dev’s shares. The final result, when it happens, is a 51% controlling stake in the company.

Mohammad bin Salman is the crown prince of Saudi Arabia. As for his Charity Foundation, its goal is to invest in initiatives that will help “cultivate and encourage leaning and leadership in youth for a better future in Saudi Arabia”.

A possible reason by the foundation chose to invest in SNK is because the foundation’s subsidiary, called the “Electronic Games Development Company”, has previously worked with the Japanese fighting game dev, with training programs that saw many young Saudis visiting Japan.

At any rate, it’s an odd turn of events, to be sure. And it remains to be seen if the Mohammad bin Salman Charity Foundation will be exercising its control over the company’s direction.

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