The Public Investment Fund (PIF) of Saudi Arabia has reportedly expanded its holding in Nintendo Co Ltd. of Japan to 6%, reflecting the sovereign wealth fund's expanding exposure to the country's video game market.
PIF's ownership percentage in the Kyoto-based company has climbed from 5.01 percent to 6.07 percent, according to the ownership report submitted to Japanese regulators.
PIF declared its 5% ownership in Nintendo in a regulatory filing in May of last year, indicating that the decision was made for investment objectives. Additionally, it has invested in video game companies Koei Tecmo, Capcom, and Nexon.
Nintendo was established in 1889 as Nintendo Karuta by craftsman Fusajiro Yamauchi, who first produced handmade hanafuda playing cards. Nintendo debuted its first system, the Color TV-Game, in 1977 after expanding its business in the 1960s and becoming legally recognised as a public company. It achieved recognition on a global scale with the release of Donkey Kong in 1981 and the Nintendo Entertainment System and Super Mario Bros. in 1985