Saudi Arabia's PIF raises stake in U.S. game maker Activision by 13.3 pct-filing

DUBAI (Reuters) – Saudi Arabia’s sovereign wealth fund has increased its holding in American video game company Activision Blizzard by 13.3% to 37.9 million shares, according to a U.S. regulatory filing on Monday.

The Public Investment Fund (PIF) bought 4.4 million shares in the video game maker in the second quarter, according to a Securities and Exchange Commission filing.

PIF, which did not immediately respond to a comment request on the filing, is at the centre of Saudi Arabia’s plans to transform the economy by creating new sectors and diversifying revenues away from oil.

The $400 billion fund is expected to inject at least $40 billion annually in the local economy until 2025, and increase its assets to $1 trillion by that date, which would make it one of the world’s biggest sovereign wealth funds.

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