(Bloomberg) -- YTL Power International Bhd. shares fell as Malaysia’s Anti-Corruption Commission sought information from the company over a government project carried out by its unit.
The unit, YTL Communications, is “providing full cooperation” to the anti-graft agency, YTL Power said in a statement late Wednesday. The query is related to a government project to install high-speed internet in Malaysian schools more than a decade ago.
Shares of YTL Power slid as much as 7.2% at the open on Thursday, before paring losses. The stock was down 5.1% at 3.69 ringgit at 10:35 a.m. in Kuala Lumpur.
YTL Power became a market darling after it announced in December a venture with Nvidia Corp. for a data center in the southern state of Johor. The utility firm also owns power generation assets in Singapore and operates Wessex Water in the UK. Its conglomerate parent, YTL Corp., is controlled by Malaysian tycoon Francis Yeoh and his siblings.
Malaysia’s anti-corruption agency said it was investigating YTL Communications under an act that governs offenses related to false claims, without providing further details.
YTL Power said its unit won the project via an open tender involving 19 companies in 2011 and was “selected for being the most technically compliant and most cost-effective bid.”
The Ministry of Education certified the successful completion of the project at the end of the contract period on June 30, 2019, YTL Power said.
YTL Communications “trusts that the matter will be satisfactorily resolved,” it said.
--With assistance from Ryan Weeks and Ram Anand.
(Updates with more details starting in third paragraph)
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