PIF cuts its stake in Japan’s Nintendo to 4.19%

The Public Investment Fund reduced its stake in Japan’s Nintendo to 4.19% from 5.26%.

According to Reuters, the fund had reduced its stake in the Japanese video game giant in early December to 5.26% from 6.29%, after reducing it in November from 7.54%.

It is noteworthy that the fund was buying stakes in Japanese and Korean gaming companies worth $38 billion with the aim of making the Kingdom a hub for video games in the Middle East.

The Kingdom hosted the first World Cup for electronic sports in July, and is scheduled to host the first Olympic Games for electronic sports next year.

The Public Investment Fund is widely seen as a long-term investor, seeking strategic partnerships rather than short-term stock gains. It also owns stakes in Tokyo-listed Nexon, Capcom, and Koei Tecmo Holdings.