Genting resolves dispute over outdoor theme park project

Genting Malaysia rose 25 sen to RM3.70 and Genting 22 sen higher at RM6.87. They added four points to the KLCI.

KUALA LUMPUR (Bernama): Genting Malaysia Bhd has fully resolved its dispute with Fox Entertainment Group Llc, Twentieth Century Fox Film Corporation, Foxnext Llc, Twenty First Century Fox Inc and The Walt Disney Company over the development of an outdoor theme park.

In a filing with Bursa Malaysia today, Genting Malaysia said as part of the settlement terms, all parties had entered into a restated memorandum of agreement granting the company a license to use certain Fox intellectual properties.

Following the settlement, all parties agreed to dismiss all claims and counterclaims between the parties in the pending legal action in the United States District Court for the Central District of California, it said.

"Genting Malaysia is currently updating its development and construction plans to complete the outdoor theme park utilising both Fox and non-Fox intellectual properties.

"The outdoor theme park shall also be renamed,” it added.