KUALA LUMPUR: Astro Malaysia Holdings Bhd shares fell up to 15 per cent today, more than any full-day drop since its initial public offering in October 2012.
Some analysts said the drop was due to fears that Astro would face “World Cup” competition from RTM.
The stock declined to a low of RM1.35 from RM1.60 in the previous session, before recovering to settle eight per cent lower at RM1.47.
Communications and Multimedia Minister Gobind Singh Deo today suggested that the national television broadcaster may provide a live telecast of this year’s World Cup, which begins June 14.
Speaking to Bernama, he added that the issue will be raised at this Wednesday’s Cabinet meeting.
However, Astro head of sports CK Lee pointed out that there are two types of broadcast rights for the 2018 FIFA World Cup Russia - Pay TV and Free-To-Air rights.
“Astro is the Official Broadcaster in Malaysia with Pay TV rights to broadcast all 64 matches of the 2018 FIFA World Cup Russia to all Malaysians while selected matches will also be available for free on Astro Arena to all Malaysians via NJOI Now and Astro GO apps.
“The Free-To-Air World Cup rights for TV stations like RTM do not sit with Astro,” he added.
/ends