Saudi Fund Trims Nintendo Stake While Saying It Wants More
- PIF had cut stake in games company over six weeks on market
- Wealth fund presented itself as long-term investor in content
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Saudi Arabia’s sovereign wealth fund disclosed it’s sold down its stake in Nintendo Co., days after a senior executive said it was weighing deploying more capital into the Kyoto-based games company.
The Gulf country’s Public Investment Fund sold about 17.3 million shares of the creator of Super Mario Bros. franchise between Aug. 21 and Oct. 1, lowering its stake in the company to 7.54% from 8.58%, according to a filing to Japan’s Finance Ministry on Tuesday. Nintendo’s shares had jumped the previous day after Kyodo News reported that PIF was considering increasing its holding, quoting Prince Faisal bin Bandar, vice chairman of PIF subsidiary Savvy Games Group, in an interview dated Sept. 26.