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The Public Investment Fund (PIF) has trimmed its stake in Japanese gaming giant Nintendo to 7.54% from 8.58%, offloading some 17.3 mn shares over the past few weeks, Bloomberg reports citing a Tuesday filing to the Japanese Finance Ministry. PIF remains one of Nintendo’s largest shareholders. CNBC also picked up the story.
This isn’t what we were expecting: The disclosure comes a few days after Vice Chair of PIF’s gaming unit Savvy Games Prince Faisal bin Bandar bin Sultan Al Saud indicated that the sovereign wealth fund might up its stake in the Japanese game maker. The fund was also reportedly looking at stakes in other Japanese gaming companies to implement their know-how in developing a local gaming industry, Al Saud had said. It remains unclear whether PIF will later move ahead with an additional stake purchase in Nintendo.
Market reax: Nintendo’s shares closed down 0.6% yesterday, after closing 4.4% higher on Monday on the back of Al Saud’s hints at plans for an additional share purchase. Yesterday’s dip was “broadly in line” with the Nikkei 225 index, the business news information service said.
