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KUALA LUMPUR (July 25): Bursa Malaysia Securities has publicly reprimanded Meridian Bhd (KL:MERIDIAN) and its executive director Tang Boon Koon over the Practice Note 17 (PN17) company's failure to issue its annual reports on time. Tang was also fined RM8,500.
The bourse regulator, in a statement on Friday, said the property developer missed the March 31, 2024 deadline for the 17-month financial period ended Nov 30, 2023, releasing the 2023 annual report only on April 5, 2024.
Similarly, Meridian also failed to meet the Sept 30, 2025 deadline for the subsequent 18-month financial period ended May 31, 2025, and only issued the 2025 annual report on Oct 8, 2025.
“Bursa Malaysia Securities views the breaches seriously as timely submission of financial statements is a fundamental obligation of listed companies and is of paramount importance in ensuring an orderly and fair market for securities traded on Bursa Malaysia Securities and necessary to aid informed investment decisions," the regulator said.
In addition to the fine, Tang is required to attend training on compliance, particularly regarding financial reporting, and conduct a thorough review of the company's financial and accounting resources.
In April, Meridian received an extension for a fourth time from Bursa Securities to submit its regularisation plan, setting the new deadline at Sept 25.
Meridian fell into PN17 status in April 2024, after its former auditor, Jamal, Amin & Partners, issued a disclaimer of opinion on the firm’s audited accounts for the 15-month period ending Sept 30, 2023.
The disclaimer was based on accumulated net losses of RM108.24 million over three years, liabilities surpassing assets, dwindling cash reserves, overdraft breaches, encumbered inventory and unresolved tax obligations that had already led to legal proceedings.
Meridian’s subsequent auditor, Morison LC, also issued a disclaimer of opinion on the financial statements for the year ended May 31, 2025. The firm cited severe financial difficulties and missing records such as essential accounting documents and supporting evidence that prevented verification of opening balances.
Morison further pointed to Meridian’s continued losses and heavy debt load, raising doubts about its ability to remain as a listed company.
In June 2025, Bursa Securities reprimanded Meridian and fined five directors a combined RM350,000 for failing to promptly disclose that the company had little business activity.
As at market close on Friday, Meridian shares were unchanged at two sen, valuing the company at RM5.1 million.
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