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Hiroshi Yamauchi will sell 10.84 percent stake in Nintendo, or 15.35 million outstanding shares at after-hours trading on Tuesday. Yamauchi plans to buy back enough shares to maintain a 10 percent stake in the company and use the $160.8 million in capital gains to set up an investment fund to help fund and promote start-up game companies. "I think the president decided to financially support game developers out of his own pocket, trying not to trouble the company," a Nintendo representative said Tuesday. "He also hopes that this will help revitalize the game industry." Only companies that develop Nintendo GameCube titles and Game Boy Advance titles will be eligible, the company said. Thanks to Reuters.
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