Pearl Abyss, the South Korean publisher of popular multiplayer role-playing game Black Desert, remains a favorite by Singapore sovereign capital as it drew additional fund.

Pearl Abyss said in a Wednesday regulatory filing that the Singapore government purchased 661,688 shares tantamount to 5.06 percent of outstanding shares on May 13 for investment purpose.

Pearl Abyss’ share price remained almost unchanged Thursday morning after a 3 percent rally on Wednesday on the news the Singapore government purchased a chunk of its shares.

The latest stake purchase in Pearl Abyss by the city-state government has proved Singaporean investors’ strong appetite for the Kosdaq-listed company.

Singapore’s sovereign wealth fund GIC, formally known as Government of Singapore Investment Corporation, bought 661,688 shares in Pearl Abyss in March and additional 131,495 shares in April to increase its holding to 6.06 percent. The Singapore government and its sovereign wealth fund currently own 11.12 percent combined.

Their investment is based on Pearl Abyss’ solid earnings and business outlook. The company recorded 535.9 billion won ($435.3 million) in sales last year with an operating margin of 28.10 percent. Sales have skyrocketed about 10 times since 2018, and the momentum continues to build.

Sales from its popular game MMORPG Black Desert have increased in all PC, mobile and console platforms and its efficient marketing efforts led to strong earnings, said Choi Jong-kyung, a researcher at Heungkuk Securities.

By Kim Gyu-sik and Minu Kim

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]