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The Public Investment Fund (PIF) trimmed its stake in Japanese gaming giant Nintendo again to 6.3%, down from 7.5%, Bloomberg reports citing a filing to Japan’s Finance Ministry. The move is the latest in a series of stake sales, with the fund selling 17 mn shares between August and October of this year. PIF remains one of Nintendo’s largest shareholders, the business news information service said.
Market reaction: Nintendo’s shares closed down 4% yesterday in Tokyo, as news of key shareholder PIF pulling back came to light, although they have pared back losses in early trading this morning.
IN CONTEXT- The sovereign wealth fund — which is tasked with driving the country’s diversification plans — recently shifted its focus towards local investments as Saudi’s widening budget deficit continues to restrict funds, Bloomberg reports.
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IN OTHER M&A NEWS-
PIF is selling down its stakes in STC too: The sovereign wealth fund tapped Goldman Sachs and Saudi National Bank (SNB) to manage a 2% stake offering in the telecom giant, Reuters reports, citing statements from the banks. Share prices will be determined via an accelerated book building process, Goldman Sachs and SNB added. The sale could see PIF pocket as much as USD 1.1 bn, while STC will not be allocated any of the proceeds. Post-offering, PIF will retain a 62% stake in STC.
