Saudi Arabia's Public Investment Fund (PIF) have upped their stake in Nintendo from 5,01 per cent to 6,07 per cent.
PIF previously had 5.01 per cent stake in Nintendo but have decided to buy additional shares. PIF is still Nintendo's third-largest shareholder behind The Master Trust Bank of Japan (17,63 per cent) and Custody Bank of Japan (6,47).
Nintendo are one of the biggest console manufacturers and video game companies in the world with video game franchises like Super Mario , The Legend of Zelda and Kirby . Their console Nintendo Switch was the best-selling console in 2021 and 2022, beating PlayStation 5 and Xbox Series X|S by quite a margin according to VG Charts .
Toto also reports that PIF announced today that they have invested in South Korean game developer Kakao Entertainment , known for the gorgeous MMORPG Elyon.
"It was just announced Saudi Arabia’s Public Investment Fund (PIF) upped its stake in Nintendo from 5.01% to 6.07%. The same fund also today said it invested in South Korean game and messenger giant Kakao Entertainment," Toto tweeted.
Saudi Arabia are aggressively investing in gaming
Such investments from PIF shouldn't come as a surprise to anyone following the games industry as PIF are no stranger to investments in game publishers.
PIF hold a $2.9 billion stake in Activision Blizzard, a $1.9 billion stake in Electronic Arts and a $1.4 billion stake in Take-Two Interactive as per Front Office Sports.
PIF-owned Savvy Games Group (SGG) recently also announced major plans to invest $38 billion to kick off Saudi Arabia's gaming and esports ecosystem by establishing 250 video game companies by 2023.
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