Crown Prince bin Salman led the investment acquisition of additional stock worth 290 billion won
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), became the second largest shareholder of NCsoft, a Korean game company. PIF is a sovereign wealth fund led by Crown Prince Mohammed bin Salman of Saudi Arabia.
According to the game industry on the 11th, PIF announced on the Electronic Disclosure System of the Financial Supervisory Service the day before that it had additionally acquired 563,566 shares of NCsoft for about 290 billion won. PIF said it had purchased the stake for ‘simple investment purposes’.
PIF also acquired a 6.69% stake (1,46,8845 shares) in NCsoft last month. With this additional stake purchase, PIF’s stake in NC increased to 9.26% (2,032,411 shares), making it the second largest shareholder after NCSoft CEO Kim Taek-jin (11.9%). Based on the stock price closed on the 11th, it means that they own about 920 billion won of NC stock. The stake in PIF surpassed Netmarble (8.9%) and National Pension (8.4%).
Crown Prince bin Salman continues to increase his investment in the gaming industry itself. PIF recently bought Nexon stock listed on the Tokyo Stock Exchange in Japan and increased its stake to 7.09%. In addition to the acquisition of SNK, a Japanese game company, it has also invested in Blizzard and EA.
The game industry sees Crown Prince bin Salman as investing in IT to change Saudi Arabia’s oil-centered economic system. Games are expected to play the most important role in the future metaverse (3D virtual world). In particular, Korean game companies are evaluated as having global competitiveness.