LegalSNK Corporation
Notice Regarding the Delisting of Company Shares from the Korean Exchange (KOSDAQ)
18 May 20221 pages~1 min full read
SNK Corporation officially delisted from the KOSDAQ on May 18, 2022, ending its public trading status that began in May 2019.
The Electronic Gaming Development Company (EGDC), a subsidiary of the Mohammed Bin Salman Bin Abdulaziz Al Saud Foundation, acquired a 96.18% ownership stake in SNK through a tender offer conducted between December 2021 and February 2022.
EGDC intends to purchase all remaining shares to transition SNK into a private, wholly-owned subsidiary.
The delisting was finalized following an April 2022 extraordinary general meeting of shareholders and formal approval from the Korea Exchange in early May 2022.
SNK will maintain its corporate headquarters in Suita, Osaka, as it shifts focus toward long-term growth under its new private ownership structure.
This acquisition reflects a broader industry trend of Middle Eastern capital investment aimed at diversifying global media, culture, and technology assets.
SNK Corporation officially delisted its Korean Depositary Receipts from the KOSDAQ market on May 18, 2022, marking the conclusion of its status as a publicly traded company in South Korea. This transition follows a strategic acquisition process initiated by the Electronic Gaming Development Company (EGDC), a wholly-owned subsidiary of the Mohammed Bin Salman Bin Abdulaziz Al Saud Foundation. The acquisition aligns with EGDC’s objective to enhance the corporate value of the Osaka-based developer by integrating it into a broader portfolio focused on media, culture, and technology.
The delisting process was triggered by a successful tender offer conducted between December 2021 and February 2022. Following this period, EGDC secured a 96.18% ownership stake in the company, representing over 20 million Korean Depositary Receipts. This significant concentration of ownership met the criteria for delisting under KOSDAQ market regulations. Consequently, an extraordinary general meeting of shareholders held in April 2022 approved the application for delisting, which received formal approval from the Korea Exchange in early May.
Moving forward, EGDC intends to exercise its right to request the sale of all remaining shares to become the sole owner of the company. This move transforms SNK into a private, wholly-owned subsidiary, ending a public listing period that began in May 2019. The company intends to focus on long-term growth and social contribution under its new ownership structure while maintaining its corporate headquarters in Suita, Osaka. This shift reflects a broader trend of private investment within the global gaming industry, specifically involving capital from the Middle East aimed at diversifying technological and cultural assets.
