Saudi PIF further reduces stake in Nintendo

Saudi Arabia’s Public Investment Fund (PIF) said on Wednesday it had further reduced its stake in Nintendo Co., cutting its holdings to 6.3 per cent from 7.5 per cent, following the sale of over 17 million shares in six weeks up to October. This marks a continuation of a selloff that began in August.

Despite earlier reports suggesting the PIF might increase its investment in Nintendo, the recent sales indicate a shift in strategy. The sovereign wealth fund, which manages around $930 billion in assets, remains one of Nintendo’s largest shareholders.

The PIF, part of Saudi Arabia’s push to diversify its economy, had previously sought strategic partnerships with gaming companies as part of a broader $38 billion initiative to make the kingdom a hub for the gaming industry. However, with rising budget deficits, the fund is increasingly focusing on domestic investments.

Attribution: Bloomberg

Subediting: Y.Yasser