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Saudi sovereign wealth fund increases Nintendo stake to 6%

Kingdom gathers know-how from gaming industry in diversification move

A Nintendo store in Osaka. The company capitalized on pandemic demand, but its stock price has recently dipped. (Photo by Toshiki Sasazu)

OSAKA -- Saudi Arabia's sovereign wealth fund has boosted a stake in Nintendo to 6.07%, according to a filing made in Tokyo Thursday, as the oil-rich kingdom increases a presence in the gaming industry.

The Public Investment Fund (PIF) acquired a 5.01% share in the Kyoto-based game company in May last year. Both moves were made for investment purposes, according to the filings.

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