The Public Investment Fund of Saudi Arabia continues the recent trend of reducing its major stake in the Japanese gaming giant Nintendo.

Saudi Arabia’s Public Investment Fund is selling 2 per cent of its stake, or 100 million shares, in Saudi Telecom Company, the kingdom's biggest mobile operator, according to a regulatory filing with the Tadawul stock exchange.

Saudi Arabia’s sovereign wealth fund is selling part of its stake in the kingdom’s main mobile-phone operator as it tries to raise cash for the government’s trillion-dollar economic transformation plan.

Just last month, it was rumored that Saudi Arabia’s Public Investment Fund (PIF) would be increasing its stake in Nintendo. On the contrary, the PIF actually

Saudi Arabia's sovereign wealth fund PIF will sell 100 million shares in the country's telecom group STC at a price of 38.6 riyals ($10.27) apiece, state television reported on Thursday.