Saudi Arabia has increased its stake in EA and now owns almost 25 million shares in the U.S. publisher.
As reported by Seeking Alpha, the Saudi state-backed Public Investment Fund (PIF) disclosed the move in a recent P13 filing for the quarter ended March 31, 2023.
EA’s latest fiscal results showed it currently has 274 million shares outstanding, meaning PIF now holds a 9.4 percent stake in the company.
PIF’s increased stake in EA
It’s only been a few months since PIF increased its stake in EA to 5.8 percent from 5.1 percent, so it seems the organization hasn’t lost its appetite for game-related investments.
PIF is chaired by Saudi Arabia’s deputy prime minister and crown prince Mohammed bin Salman Al-Saud, who has been accused of allowing human rights activists to be tortured and faced allegations over potential links to the murder of Washington Post journalist Jamal Khashoggi.
The investment fund has made a habit of sinking cash into major game companies, and earlier this year purchased more shares in Nintendo to increase its stake in the Japanese company to 7.08 percent.
It also holds stakes in Grand Theft Auto maker Take-Two, Resident Evil and Street Fighter developer Capcom, Swedish video game conglomerate Embracer Group, and more.