Saudi Arabia's Public Investment Fund (PIF) on Tuesday reduced its stake in Nintendo Co., Ltd. after a report claimed that it is considering the possibility of increasing its holding in the video game company.
According to a Japanese regulatory filing, the PIF lowered its stake in Nintendo to 7.54% from the previous 8.58%. In recent years, Saudi Arabia has invested billions of dollars in the gaming industry, intending to turn itself into a gaming hub as part of the country's Vision 2030 plan to revamp its oil-dependent economy.
Nintendo's Germany-listed stocks fell by 1.57% during the trading session selling for €48.79 apiece.
