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KUALA LUMPUR (Nov. 27): Genting Malaysia Bhd shares fell 18.61% this morning to 2.93 RMB early in the session after the group filed suit against Fox Entertainment Group LLC, Twentieth Century Fox Movie Corp., FoxNext LLC, Twenty First Century Fox Inc. and The Walt Disney Co.
At the lunch break, the stock partially reduced its losses and was down 53 sen or 14.72% to RM 03.07, with 186.18 million shares traded, bringing its market capitalization to RM 17.64 billion.
Coupled with the higher gaming fees announced by the government earlier this month, Genting Malaysia lost a market capitalization of RM 8.31 billion in just one month.
Since the beginning of the year, the meter has decreased by 76.61% compared to RM 5.42, which means that Genting Malaysia has seen its market capitalization rise to RM 13.3 billion. in one year.
Bloomberg reported that Genting Malaysia sued Twenty First Century Fox and its future owner, Disney, for giving up an agreement to create a Fox World amusement park in its casino outside Kuala Lumpur .
The paper said Genting Malaysia is claiming more than $ 1 billion in damages, according to a lawsuit filed Monday in a federal court in Los Angeles, in which Fox's reason for terminating the lawsuit was "no money". agreement, according to Genting Malaysia, is that Disney does not want to be associated with a gaming company.
"Disney did not want any association with a gaming company like GENM because of Disney's" family-friendly "branding strategy," said Genting Malaysia. Bloomberg as told.
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