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Genting Malaysia rises 6.71% on theme park optimism

KUALA LUMPUR (Dec 19): Genting Malaysia Bhd shares rose 6.71% on news the group's theme park in Genting Highlands would be completed in early 2019 despite its legal battle worth over US$1 billion (RM4.17 billion) with Walt Disney Co and Twenty-First Century Fox.

At 11.16am, Genting Malaysia rose 19 sen to RM3.02 with 52.75 million shares traded.

In Singapore's The Business Times report on Dec 15, Genting Malaysia chairman and chief executive officer (CEO) Tan Sri Lim Kok Thay said the theme park "remains very much part of our plans", and despite the park's earlier projected opening in January, plans are "all in place".

Lim said the theme park is "only a small part" of Resorts World Genting Complex's expansion plans, with the complex situated on hills that lie between Selangor and Pahang.

He added that revenue and visitor numbers have grown in tandem with the rollout of the group's plans.

This comes as Genting sued Disney and Fox for terminating an agreement for a Fox World theme park in Genting Highlands.

The group alleged that Fox had aborted the deal as Disney sought to avoid associations with a gaming operation as it was incompatible with its family-friendly strategy, a claim that both Fox and Disney deny.

Disney is in the midst of acquiring Fox for US$71.3 billion. — theedgemarkets.com

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