Saudi Arabia Moves Billions In Video-Game Stock to Subsidiary

Saudi Arabia’s Public Investment Fund is transferring roughly $12 billion worth of gaming company shares, including firms such as Nintendo Co. and Bandai Namco Holdings Inc. to its subsidiary Savvy Games Group.

Savvy’s status as a powerhouse in the industry will grow as the company still possesses billions of dollars earmarked for future investment in gaming businesses. Once the transferrals are complete, Savvy will own about 10% of firms such as Koei Tecmo Holdings Inc., NCSoft Corp., Nexon Co. and Square Enix Holdings Co., according to a company document reviewed by Bloomberg news.