Saudi Arabia reduces its shareholding in Nintendo

The Public Investment Fund of Saudi Arabia has reduced its ownership in Nintendo, despite recent claims suggesting an increase was forthcoming.

As detailed by CNBC, a Japanese regulatory document reveals that the fund's interest in Nintendo has decreased from 8.58% to 7.54%. Nevertheless, the PIF remains one of the major investors in Nintendo.

The PIF initially acquired a 5.01% share in May 2022.

This new document contradicts reports from the previous day, which indicated that Saudi Arabia planned to boost its shareholding in Nintendo. These earlier reports were based on an interview with Kyodo News involving Prince Faisal bin Bandar bin Sultan al-Saud, who is vice chairman of Savvy Games Group, a company under the PIF.

Prince Faisal mentioned that increasing investment in gaming companies is "always a possibility."

In recent years, the PIF has acquired shares in several gaming firms, such as Capcom, Nexon, and Koei Tecmo, with Savvy also holding a $1 billion share in the Embracer Group.

Nintendo saw its stock reach an all-time high earlier in the year amid speculation about further Saudi investment, coupled with the anticipation surrounding the Switch 2.