Nintendo’s shares had jumped the previous day after Kyodo News reported that PIF was considering increasing its holding, quoting Prince Faisal bin Bandar, vice chairman of PIF subsidiary Savvy Games Group.
Shares of Nintendo closed down 0.6%, broadly in line with the Nikkei 225 Stock Average.
The Saudi government has been buying up stakes in Japanese and South Korean gaming companies, part of a US$38 billion ($49.48 billion) push to lower the kingdom’s reliance on oil and create an entertainment and video-games hub in the Middle East.
PIF, which had around US$760 billion in assets under management at the end of last year, remains one of Nintendo’s biggest shareholders, according to data compiled by Bloomberg.
See also: CDL says board changes deviated from norms
It also has stakes in Tokyo-listed Nexon, as well as Capcom and Koei Tecmo Holdings.
