Genting Malaysia, Genting rebound from share selldown

KUALA LUMPUR: Shares of Genting Malaysia Bhd and Genting Bhd rebounded in early trade Wednesday from a heavy selldown yesterday, following news that Twenty-First Century Fox Inc was pulling out of the contract for the construction of the Fox theme park in Genting Highlands.

Genting Malaysia, the most heavily traded counter on Bursa Malaysia, rose 1.67%, or five sen to RM3.05 with 33.4 million shares traded.

Genting Bhd gained 1.41%, or nine sen to RM6.47 with 1.88 million shares done.

Yesterday’s selldown was triggered by Genting Malaysia's move to sue Walt Disney Co and Twenty-First Century Fox Inc for more than US$1bil on Monday.

Genting Malaysia accused them of abandoning a contract related to its planned construction of the first Fox-branded theme park.

It said "seller's remorse" induced Fox, with Disney's help, to breach its 2013 contract with Fox Entertainment Group to licence intellectual property for Fox World, a proposed addition to its Resorts World Genting complex.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights



Next In Business News

FBM KLCI pauses on mild profit-taking
Tenaga on pace to realising RE goals
Evergrande's US$2.6b unit stake sale fails as Chinese officials seek to calm nerves
Stocks gain, Dow touches record; oil rises on EIA data
Tesla beats 3Q revenue forecasts but supply-chain problems hit plants
Digital investment app MYTHEO launches ESG-themed portfolio
Corporate lawyer acquitted of insider trading
Mitec reopens facilities for SMEs
FGV to appoint independent auditor soon
Fitri is Boustead alternate director

Others Also Read