Saudi Arabia trims stake in Nintendo
News follows widespread reports that it would increase investment in platform holder
Saudi Arabia's Public Investment Fund has lowered its stake in Nintendo, in contrast to recent reports that it would increase its holding.
CNBC reported that, according to a Japanese regulatory filing, the PIF's stake in the platform holder has been reduced from 8.58% to 7.54%. This still keeps it among Nintendo's largest shareholders.
The Fund originally took a 5.01% stake in Nintendo back in May 2022.
The filing flies in the face of news reports that emerged yesterday, suggesting that Saudi Arabia would raise its stake in Nintendo. This stemmed from an interview between Kyodo News and Prince Faisal bin Bandar bin Sultan al-Saud, vice chairman of Savvy Games Group (which is owned by the PIF).
When asked about Saudi Arabia increasing its holdings in video games firms, Prince Faisai said it's "always a possibility."
Over the past few years, the PIF has taken stakes in various games companies, including Capcom, Nexon and Koei Tecmo, while Savvy has a $1 billion stake in Embracer Group.
Nintendo's shares hit a record high earlier this year after similar speculation that Saudia Arabia would invest more in the company, as well as anticipation for Switch 2.