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News Saudi Crown Prince to become largest SNK shareholder at 51%

Kdad

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Saudi Crown Prince Mohamed bin Salman is set to become the leading shareholder in publicly-listed South Korean software and hardware developer SNK Corporation through the Electronic Gaming Development Company (EGDC) firm held by the Mohamed bin Salman bin Abdulaziz Al-Saud (MiSK) Foundation, according to a report published in South Korean publication Bloter. The report claims that EGDC has signed a stock transfer agreement with the studio which will see it acquire 33% of SNK’s outstanding share capital through mixture of treasury shares and a block owned by the current leading shareholder on 12th January 2021, for a sum in excess of ₩207bn (£139.9m). The suggested share purchase follows the signing of a corporate agreement between SNK and Saudi firm Manga Productions at the MiSK Global Forum event in 2017.

While the move may be seen as a boost to the Middle Eastern video games industry, which has been growing at CAGR of 25% year-over-year according to recently-launched studio Sandsoft Games, the direct involvement of the Saudi crown prince is controversial given the country’s human rights record and allegations directly implicating the Crown Prince in the killing of journalist Jamal Khashoggi in 2018. In July, Riot Games terminated a partnership with Saudi Arabian city building project Neom following a backlash from gamers as well as staff over the move.

Update (08:30 GMT, 27/11/2020): A notice filed through the South Korean DART public information system has confirmed that EGDC will be acquiring a total of 6,065,798 shares from current leading shareholder Zuikaku Co., Ltd. for a total of ₩207.346bn (£140.134m), taking EGDC’s ownership share in SNK to 33.3%.

Update (12:25 GMT, 27/11/2020): A statement published by MiSK has revealed that EGDC will be acquiring a further 17.7% ownership stake in SNK at an undisclosed date, giving it majority (51%) control of the company.




Editorialised content: Fuck this
 
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Futaleufu

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Looks like SNK has increased its value 10 times in the last 5 years.

At least we won't see more Taiwan/Hong Kong censorship in their games
 

GrayFoxPL

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Hopefully this new owner anything crazy like stopping development of KOF XV and turning it into mobile game.

We can expect more characters from that region like when HongKong bought SNK they did the same + awful animated series.
 

Futaleufu

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I wouldn't expect Saudi Arabia to be more fanservice friendly ;)

The chinese version of KOFXIV was censored.
Most Super Sidekicks games are delisted because they feature Taiwan and Hong Kong.
They removed the japanese imperial flag from Art of Fighting 2.
They changed the names of the teams in Baseball Stars, erasing any reference to TW/HK.

It can't be worse than this
 
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GrayFoxPL

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The chinese version of KOFXIV was censored.
Most Super Sidekicks games are delisted because they feature Taiwan and Hong Kong.
They removed the japanese imperial flag from Art of Fighting 2.
They changed the names of the teams in Baseball Stars, erasing any reference to TW/HK.

It can't be worse than this

Everything in China is censored. Period.

I don't remember international version being censored apart of something about Luong but can't recall what. Maybe her sitting on people's chest was slightly changed, can't remember.

 

InDaGulag

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It's a bit rich the man who is a prominent member of a government in a country that will arrest and/or fine people for showing the smallest deviation from ultra-conservative form of Islamic values will now be the largest shareholder in company that has games filled with half naked women & modern liberal values.
 

Pejo

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This is actually a 3D render "converted" to pixel art, which proves how good the SNK artists were in their prime.
Yea that's how they did the models for KOFXIII too, which I thought looked great.
 

Bboy AJ

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Gaming outlets better not give these games a low score or they’ll get chopped up.

Also, don’t exchange WhatsApp information with them, either, or your nudes will be leaked.
 
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Kdad

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Some replies here....wew lad, i felt some IQ points drop i can tell you that.

Don't read too much into this (if it's true in the 1st place) it's a simple business acquisition nothing more, those who think this somehow would affect their content or game design are beyond saving, besides some character representation like Najd.



https://www.siliconera.com/snk-picks-saudi-arabian-fans-design-character-design-contest/

There is a direct link to the statement from MiSK...what do you think is untrue about this news?
 
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It's a bit rich the man who is a prominent member of a government in a country that will arrest and/or fine people for showing the smallest deviation from ultra-conservative form of Islamic values will now be the largest shareholder in company that has games filled with half naked women & modern liberal values.

I defer to any Saudis here especially since I'm no expert in the region, but my understanding is that Mohammed bin Salman is actually a reformer, so not completely surprising if true.
 
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ChuckeRearmed

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They are diversifying their portfolio. Nothing new there. As far as I recall they have some stocks in Uber, Disney etc.
 
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Edgelord79

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I defer to any Saudis here especially since I'm no expert in the region, but my understanding is that Mohammed bin Salman is actually a reformer, so not completely surprising if true.
Define "reformer".

 
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FunkMiller

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I’m sure it’s all fine for SNK. It’s not like the chap who owns them now chops up journalists or anything...
 
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Define "reformer".


Well, in the context of Saudi Arabia. Not making a judgment good or bad. As a counterpoint, check out his recent women's rights reforms.