雅虎香港財經 Saudi Arabia's PIF Ramps Up Stake In Nintendo, Deeping Its Foray Into Gaming Sector
Saudi Arabia's Public Investment Fund now owns an 8.3% stake in Nintendo Co, Ltd (OTC: NTDOF) (OTC: NTDOY), becoming its largest outside shareholder.
The ramp-up of stake, up from 6%, has placed PIF ahead of Japan's Government Pension Investment Fund and behind only Nintendo's holding, Bloomberg reports.
Under Crown Prince Mohammed bin Salman, Saudi Arabia pushed to break into the games and esports industry.
Most notably, it set up Savvy Games Group under the PIF umbrella with a $38 billion budget led by industry veterans.
Savvy this week revealed its first foray into China's games sector with a $260 million investment in a Tencent Holding Ltd (OTC: TCEHY)-backed competitive gaming organizer.
"It's tough to bet against PIF due to its size in the market," UBS analyst Kenji Fukuyama said. "The fund may underpin Nintendo shares if it continues to increase its stake."
Nintendo marked PIF's third investment in a Japanese game company that hit the public disclosure threshold of 5%, along with Nexon Co Ltd (OTC: NEXOY) and Street Fighter maker Capcom Co Ltd (OTC: CCOEY) in 2022.
"The Nintendo purchase, as well as investments in game companies around the world, is part of Saudi Arabia's long-term project to become less reliant on oil, "said Akira Takatoriya, a consultant.
The wealth fund's investments reflect the Saudi state's goals for 2030. Some of the technologies the PIF has targeted include renewable energy, big data analysis, and entertainment content.
Price Action: NTDOF shares closed higher by 0.89% at $40.70.
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This article Saudi Arabia's PIF Ramps Up Stake In Nintendo, Deeping Its Foray Into Gaming Sector originally appeared on Benzinga.com
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