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KUALA LUMPUR: Genting Malaysia Bhd has imposed itself as the leading active marker of Bursa Malaysia following its lawsuit against Walt Disney Co (Disney) and 21st Century Fox Inc. (Fox) in Los Angeles.
At 9:35, its share price dropped by 42 Sens to reach RMB 3.18 after opening 60 Sen down RM3 today.
As a result, the share price of Genting Malaysia's parent company, Genting Bhd, fell by 35 cents. At 6.55 pm at 10:02 am, after opening at 50 sen at 6.40.
It was reported that Genting Malaysia was suing Fox and Disney for being removed from the sponsorship deal of a Fox World theme park located outside of Kuala Lumpur.
Genting Malaysia is claiming more than $ 1 billion in damages, claiming that Disney does not want to be associated with its gaming business as the Hollywood giant completes its acquisition of 21st Century Fox's entertainment assets.
Genting Malaysia is said to have invested 750 million US dollars in the park, which was to open by 2020.
In 2013, Fox signed a licensing agreement with Genting Malaysia to develop the world's first Fox brand theme park.
Unlike Disney, which owns all or part of its fleets, Genting Malaysia would own and fund all of it, with Fox obtaining a reduction in retail, food and beverage revenues.
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