TOKYO/RIYADH: Saudi Arabia’s Public Investment Fund raised its stake in Nintendo Co. to 8.26 percent from 7.08 percent, a regulatory filing showed on Friday, making it the largest outside investor in the Japanese gaming company.
It is the the second stake increase disclosure this week following one on Wednesday.
Nintendo is valued at $52 billion, and the company's stock closed slightly down Friday on the Tokyo Stock Exchange at $40.50 a share.
The sovereign wealth fund has been expanding its investments in the Japanese gaming giant as well as Sweden’s Embracer and China’s VSPO backed by Tencent Holdings Ltd..
It was in May 2022 the PIF acquired a 5 percent stake in Nintendo, and in January 2023 it increased that to 6.07 percent in line with the Kingdom’s Vision 2030 goal to emerge as a global hub in the gaming industry.
Nintendo is one of the most prominent names in the global video games industry, with a portfolio of titles including Pokemon, The Legend of Zelda, and Mario.
The PIF also has stakes in noted video game companies which include Nexon, Capcom and Koei Tecmo.
Saudi Arabia is aiming to become a global gaming hub, and the most crucial step to achieve this mission was made in September 2022, as the Kingdom’s Crown Prince Mohammed bin Salman launched the Savvy Games Group’s strategy.
The Saudi wealth fund holds stock worth $2.9 billion in Activision Blizzard, $1.7 billion in Electronic Arts, a $1.2 billion stake in Take-Two Interactive, according to data from the Nasdaq Stock Market.
