PETALING JAYA: Bursa Malaysia Securities has publicly reprimanded Meridian Bhd
and its executive director Tang Boon Koon for breaches of the Main Market Listing Requirements, while imposing a total fine of RM8,500 on Tang.
Meridian was reprimanded for failing to issue its annual reports containing the audited financial statements, auditors’ reports and directors’ reports within the stipulated timeframe.
The company issued its annual report for the 17-month financial period ended Nov 30, 2023 on April 5, 2024, five market days after the March 31 deadline.
Its annual report for the 18-month financial period ended May 31, 2025 was issued on Oct 8, 2025, six market days after the Sept 30 deadline.
In a release, Bursa Malaysia Securities said the delays were mainly due to Meridian’s failure to maintain or provide the information, documents and accounting records required by its external auditors to complete the audits.
The unresolved audit issues also resulted in disclaimer-of-opinion audit reports for both financial periods.
This triggered the prescribed criteria under Practice Note 17 (PN17), leading to Meridian being classified as a PN17 company on April 8, 2024.
Despite the relatively short filing delays, Bursa Malaysia Securities said investors had been deprived of Meridian’s audited financial information for more than 17 months for the 2023 report and 18 months for the 2025 report.
Tang, who was Meridian’s sole executive director at the material time, was primarily responsible for managing the group’s operations, resources and finance function.
He was found to have permitted the company to commit the breaches.
"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," it said.
