Genting Malaysia active, dips 1.95% on clarification about theme park ops

-A +A

KUALA LUMPUR (Dec 21): Genting Malaysia Bhd (GenM) fell 1.95% in active trade at mid-morning today following the group's clarification that it was considering various options for the theme park, with its opening date dependent on the final course of action taken by the group.

At the time of writing, GenM fell 6 sen to RM3.02 per share, with 10.99 million shares traded.

At its current price, GenM has slid 45.93% from its 2018 peak of RM5.59 on Jan 3.

The counter's last acceptable calling price was RM3.08, which was an increase of 8.8% on Dec 19 due to reports that the group would be opening its long-delayed theme park in early 2019.

GenM chairman and chief executive officer Tan Sri Lim Kok Thay was quoted as saying in Singapore's Business Times on Dec 15 that the theme park "remains very much part of our plans" and that despite the park's earlier projected opening in January, plans are "all in place".

Lim had said the theme park was "only a small part" of the Resorts World Genting Complex's expansion plans, with the complex situated on hills that lie between Selangor and Pahang, adding that revenue and visitor numbers had grown in tandem with the roll-out of the group's plans.

To recap, the group is suing Disney and Fox for the termination of the outdoor theme park in Genting Highlands for US$1 billion (RM4.18 billion), alleging that Fox had aborted the deal as Disney sought to avoid association with gaming operations that were incompatible with its family-friendly strategy, a claim that both Fox and Disney deny.

On a bourse filing dated Dec 20, the group said: "An outdoor theme park remains part of GenM's growth plans. The management of GenM is considering various options for the outdoor theme park. The opening date of the outdoor theme park is dependent on the options to be pursued by GenM."