SINGAPORE (May 19): Shares of Singapore Post, partly owned by Alibaba Group, fell as much as 3.5% after the company said the city-state's Accounting and Corporate Regulatory Authority (ACRA) was starting a probe into possible breaches of the Companies Act.

The ACRA told the postal and logistics firm to provide it with a special audit report on corporate governance, which reviewed lapses in disclosures related to certain acquisitions by the company. The report's summary was released to the public earlier this month.

This was "as (ACRA) is commencing investigations into possible breaches of the Companies Act as highlighted in the report," SingPost said in a statement.

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