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.