PETALING JAYA: The external auditor of Meridian Bhd
has expressed a disclaimer of opinion on the company’s annual audited financial statement for the financial period ended May 31, 2025.
In a report on the audit submitted to Bursa Malaysia, Messrs Morison LC PLT said it has been unable to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion.
It noted that there were material uncertainties that cast doubt on the company’s ability to continue as a going concern, including the group’s record of net losses over the past three financial periods, with a net loss of RM57.19mil and RM1.45mil respectively in the latest audited period.
The auditor noted also that the group’s and the company’s current liabilities –mainly consisting of loans and borrowings and other payables and accrued expenses – exceeded its current assets by RM45.54mil and RM6.41mil, respectively.
Meridian, a Practice Note 17 listed issuer, is yet to submit a regularisation plan to Bursa Securities and is awaiting approval from Bursa Securities for an extension of time.
The company had failed to meet its original deadline for the submission on Sept 22, 2024, following which it was given an extension of time to Sept 25, 2025. It is currently in the process of its third application of extension of time.
To remain a going concern, the auditor noted that the company has to obtain approval from all the relevant parties on the proposed regularisation plan.
