Saudi Arabia's sovereign wealth fund becomes NCSOFT's 2nd-largest shareholder
By Kim Han-joo
SEOUL, March 11 (Yonhap) -- Saudi Arabia's sovereign wealth fund has increased its stake in NCSOFT Corp. to become the second-largest shareholder, according to a regulatory filing Friday.
Public Investment Fund (PIF) acquired an additional 563,566 shares of the major South Korean online and mobile game developer for around 290 billion won (US$240 million) through six transactions between February 9 and 16.
This undated image, provided by NCSOFT Corp., shows its R&D center in south of Seoul. (PHOTO NOT FOR SALE) (Yonhap)
PIF now holds 2,032,411 shares of NCSOFT, with a 9.26-percent stake, trailing behind CEO Kim Taek-jin with 11.9 percent.
PIF's shareholding also surpasses local mobile game publisher Netmarble Corp.'s with 8.9 percent and the state pension fund, National Pension Service, with 8.4 percent.
PIF announced the purchase is a simple investment and will only exercise basic rights based on stock holdings, and it will not be involved in management.
Earlier, PIF also acquired additional shares of another local gaming giant Nexon Co. listed in Tokyo to increase its stake to 7.09 percent.
khj@yna.co.kr
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