The Mohammed bin Salman Foundation (MiSK Foundation) Announces Investment of around SAR 813 Million in SNK
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 listed on the Korean Stock Exchange (“KOSDAQ”).
It comes as part of the Foundation’s ongoing commitment to young men and women and developing their skills and capabilities.
The acquisition agreement is subject to the fulfillment of the relevant regulatory conditions. Once these conditions are fulfilled, the initial stake in SNK will be acquired by the Electronic Gaming Development Company. The agreements concluded with the selling shareholders also stipulate that the Electronic Gaming Development Company acquires an initial share of 33.3% followed by an additional 17.7% stake in SNK in the future that will increase its ownership in SNK to 51%.
The Mohammed bin Salman Foundation’s (MiSK Foundation) investment in the Japanese company SNK reinforces its continuous commitment to its goals of empowering Saudi men and women through building economic partnerships, within the Foundation’s updated strategy to maximize the positive impact on youth empowerment.
The investment decision will also 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.
The investment by the Electronic Development Gaming Company also 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.
The Mohammed bin Salman Foundation’s (MiSK Foundation) investment in SNK continues a long-standing partnership with the Japanese company that includes previously working on 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 Mohammed bin Salman Foundation (MiSK Foundation) is a well-resourced and financed organisation that has seen a financial contribution to date of SAR 4.4 Billion from its founder and Chairman HRH Crown Prince Mohammed bin Salman bin Abdulaziz over the past decade. This backing aims to ensure improving and changing the lives of Saudi youth by empowering them, developing their skills, and refining their creative talents.
It was established by HRH Mohammed bin Salman, the Crown Prince of Saudi Arabia, to achieve several development goals, including encouraging young people to learn and developing their leadership skills to build a better future for the Kingdom, and become active participants in the knowledge economy.
The Mohammed bin Salman Foundation (MiSK Foundation) supports the empowerment of youth in several basic pillars of knowledge: education & entrepreneurship, culture & arts, science & technology, and digital media. It achieves that through designing programs and initiatives and building partnerships with leading local and international organizations.
The Mohammed bin Salman Foundation (MiSK Foundation) seeks to continuously develop its programs to maximize the positive impact it creates on its young beneficiaries, and the decision to invest in SNK supports that strategic direction.