Saudi's SWF Increases Stake in Nintendo from 5% to 6%

According to a filing, Saudi Arabia's Public Investment Fund (PIF) has increased its stake in Japan's Nintendo Co Ltd to 6%, reflecting the sovereign wealth fund's growing exposure to the Japanese video gaming industry.

According to the ownership report filed with Japanese regulators, PIF's stake in the Kyoto-based company has increased from 5.01 percent to 6.07 percent.

In a regulatory filing in May of last year, PIF disclosed its 5% stake in Nintendo, stating that it was made for investment purposes. It has also invested in Nexon, Capcom, and Koei Tecmo, all of which are video game companies.

Fusajiro Yamauchi, a craftsman, founded Nintendo in 1889 as Nintendo Karuta and initially produced handmade hanafuda playing cards. After diversifying its operations in the 1960s and obtaining legal status as a public company, Nintendo released its first console, the Color TV-Game, in 1977. With the release of Donkey Kong in 1981 and the Nintendo Entertainment System and Super Mario Bros. in 1985, it gained international recognition.