YTL Power unable to quantify how much Brexit will impact the group

KUALA LUMPUR: YTL Power International Bhd is unable to say at present how much the group will be impacted by the UK’s decision to leave the European Union, it told Bursa Malaysia.

The group, which is involved in sectors from water utility management to telecommunications, said it received the verbal query today (Tuesday) from Bursa Malaysia Securities requesting that it assess and disclose the financial and operational effects that the referendum were expected to have on YTL Power and its subsidiaries.

“In light of the uncertain and highly fluid nature of the current situation, and given that events are still developing with no official indication from the UK government on the future steps to be taken, YTL Power is not able to quantify the effects, if any, of the outcome of the Brexit referendum on the YTL Power group at this time,” it said.  

It said its major operations in the UK comprised its 100% stake in Wessex Water Ltd, which provides water and sewerage services in the southwest region of England under a regulatory concession granted by the UK government.

“Due to the regulated nature of the business and the geographic concentration of its operations within the UK, Wessex Water is not expected to be materially affected by the outcome of the Brexit referendum,” said YTL Power, which is 47.5% owned by YTL Corp. 

“However, the company is monitoring events and conducting ongoing assessments of any operational and financial impacts, and will make further announcements in due course, where warranted.”

YTL Power shares fell 4.1% to close at RM1.39 on Friday following the UK referendum. Today (Tuesday), the counter closed 2 sen higher at RM1.41 on Tuesday.