Lars Wingerfors, the CEO of Embracer Groupissued an official statement on behalf of the company in which it has commented the investment of 1 billion dollars of the Saudi public investment fundcontrolled by controversial Prince Mohammed Bin Salman, in the group’s actions.
Prince Mohammed Bin Salman
It is an attempt to respond to fears raised by the news. In fact, many fear that the fund could affect the management of current and future projects. According to the release, however, Embracer will continue to operate completely autonomously, i.e. the Saudi money will not touch the operations established by Wingerfors and the various management groups, because the majority of the votes in the board of directors are still in the hands of the working people. in the group.
The Saudi fund will have only 5% of the votes, and 8% of the share capital and has decided to invest in Embracer because it supports its strategies and leadership. Wingerfors also explained that this is not the first and will not be the last time that Middle Eastern companies will invest in the video game sector.
“In recent days I have been asked why we accept investments from an institution from an undemocratic country. To start, we have to look in the mirror, we are a public company and we already have many hundreds of institutions from all parts of the world as shareholders, including investors from the Middle East and Africa (MENA) and the Asian region. ” After illustrating the big picture, Wingerfors added: “We have learned that SGG’s parent company, PIF, is one of the largest investors in the world, with significant ownership in other larger publishers as well. We sincerely believe that SGG has ambitions to all. game industry insiders who are authentic in supporting the global ecosystem and respect the culture of our industry. ”
Will it really be like this? Only time will tell.