Saudi Arabia's Public Investment Fund has taken a 5.01% stake in Nintendo.
The PIF said that it acquired this stake "for investment purposes," Bloomberg reported.
The publication added that a spokesperson said that Nintendo learned about the investment from news reports and didn't want to comment on individual shareholders.
Earlier this year, the Saudi Arabian fund acquired a stake of more than 5% in Capcom and Nexon, with a combined value of over $1 billion.
In April, it also acquired a 96% stake in King of Fighters developer SNK.
Back in 2021, the PIF invested over $3 billion of stock in Activision Blizzard, Electronic Arts, and Take-Two Interactive.
In its financial results for the fiscal year ended March 31, 2022, Nintendo reported a 3.6% dip in sales to $13.1 billion, due to the semiconductor shortage, with Switch shipments declining 20% year-on-year.