Saudi Arabia PIF reduces stake in Nintendo following rumors of increased investment
The Saudi royal family-backed investment in Nintendo was reduced from 8.58 percent to 7.54 percent.
Over the course of the last week, it was rumored that the Saudi Arabian Public Investment Fund (PIF) could increase its stake in Nintendo as it continues to expand its investment in entertainment companies worldwide. However, it would see that Saudi Arabia has gone the other direction this week. It has instead reduced its stake in Nintendo, albeit still remaining a notable shareholder in the company.
Saudi’s trimming of its stake in Nintendo was noted in a Japanese regulatory filing this week, as reported by CNBC. According to the filing, the Saudi PIF has reduced its overall stake in the company from 8.58 percent down to 7.54 percent. It’s a sizeable trim, but the PIF still remains one of the largest investors in the company.
Source: Google
This turn of events comes shortly after it was reported that an executive of the Saudi PIF-backed Savvy Gaming Group made mention that the group could increase investment in Nintendo.
“It’s always a possibility,” Prince Faisal bin Bandar bin Sultan al-Saud, vice chairman at Savvy, was said to have teased in a report by local outlet Kyodo News. “It’s important to keep the communication going so you get there in the right way. We don’t want to rush into anything.”
Nintendo share prices initially surged 4.4 percent on the report. They dipped just slightly following today’s reduced stake.
The reduction of the Saudi PIF’s stake in Nintendo is interesting to say the least, but the group has invested aggressively over the last few years. As we wait to see what comes next in the group’s investments into gaming, stay tuned for more updates here at Shacknews.
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