{"id":91539,"date":"2024-11-14T00:00:00","date_gmt":"2024-11-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/14\/pif-offloads-more-nintendo-shares\/"},"modified":"2024-11-14T00:00:00","modified_gmt":"2024-11-14T00:00:00","slug":"pif-offloads-more-nintendo-shares","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/14\/pif-offloads-more-nintendo-shares\/","title":{"rendered":"PIF offloads more Nintendo shares"},"content":{"rendered":"

The Public Investment Fund (PIF) trimmed its stake in Japanese <\/strong>gaming <\/strong>giant Nintendo again to 6.3%<\/strong>, down from 7.5%, Bloomberg<\/a> reports citing a filing to Japan\u2019s Finance Ministry. The move is the latest in a series of stake sales, with the fund selling 17 mn shares<\/a> between August and October of this year. PIF remains one of Nintendo's largest shareholders, the business news information service said. <\/p>\n

Market reaction:<\/strong> Nintendo\u2019s 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. <\/p>\n

IN CONTEXT-<\/strong> The sovereign wealth fund \u2014 which is tasked with driving the country\u2019s diversification plans \u2014 recently <\/a>shifted its focus<\/a><\/a> towards local investments as Saudi\u2019s widening budget deficit<\/a> continues to restrict funds, Bloomberg reports. <\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

\n

IN OTHER M&A NEWS-<\/p>\n

PIF is selling down its stakes in STC too: <\/strong>The sovereign wealth fund tapped Goldman Sachs and Saudi National Bank (SNB) to manage a 2% stake offering in the telecom giant, Reuters<\/a> 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. <\/p>\n","protected":false},"excerpt":{"rendered":"

PIF remains one of Nintendo\u2019s largest shareholders<\/p>\n","protected":false},"author":1,"featured_media":91540,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2575],"tags":[10,14,1151,2299,482],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91539","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-enterpriseam-ksa","tag-ma-watch","tag-public-investment-fund-pif","tag-saudi-telecom-company-stc","tag-savvy-games","wpautop","entry"],"acf":{"mongo_id":"a72b7140-1793-432b-ab5c-2f2d35870ca9","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/601.jpg","photo_position":"above","homepage_title":"","full_issue_title":"PIF offloads more Nintendo shares, bringing its stake to 6.3%","related_issue":[91530],"teaser":"PIF remains one of Nintendo\u2019s largest shareholders","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.a1698faf-cbc9-4748-96c9-91ec67e8c07e.mp3"},"yoast_head":"\nPIF offloads more Nintendo shares - 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