The Saudi Public Investment Fund (PIF) recently announced a reduction in its holdings of Nintendo. This follows statements from a PIF executive about possibly increasing investments in the Kyoto-based gaming company. According to a filing submitted to Japan's Ministry of Finance, PIF sold approximately 17.3 million shares between August 21 and October 1, decreasing its stake from 8.58% to 7.54%.
Just before the sale, reports indicated that PIF was considering boosting its Nintendo shares, which led to a notable increase in Nintendo's stock price. However, Nintendo's stock (NTDOY, Financial) fell by 0.6% after the announcement of the sale.
The Saudi government has been actively acquiring stakes in Japanese and Korean gaming companies as part of its $38 billion initiative to diversify its economy away from oil and establish the Middle East as a hub for entertainment and video games. By the end of last year, PIF managed assets worth approximately $760 billion and remained one of Nintendo's largest shareholders. PIF also holds stakes in other Tokyo-listed gaming firms such as Nexon, Capcom, and Koei Tecmo.
