Bursa slaps 5 directors of real estate company with RM350,000 fine
Bursa Malaysia Securities said it views the breach seriously, as an immediate announcement was crucial to shareholders and investors in that it related to Meridian Bhd's level of operations to warrant continued trading or listing on the Official List. (Bernama pic)
PETALING JAYA : Bursa Malaysia Securities Bhd has fined five directors of real estate services company Meridian Bhd a total of RM350,000 for failure to immediately announce that the company had an insignificant business or operations.
Bursa said Meridian had been publicly reprimanded for breach of the Main Market Listing Requirements following the announcement of the unaudited quarterly report for the financial period ended June 30, 2023 (Q4 2023) on Aug 29 that year.
'Meridian had an insignificant business or operations based on Q4 2023, where the company's revenue of RM2.738 million on a consolidated basis represented 0.93% of the company's share capital of RM294.021 million as at June 30.
'Meridian only made the first announcement on Sept 26 after a delay of 28 days,' it said in a statement.
Bursa named the five directors as former CEO Yap Ting Hau, who resigned on Dec 29, 2023, Tang Boon Koon, Chew Shin Yong, Ng Kok Hok and Kunamony S Kandiah.
Yap and Tang were fined RM100,000 each, while Chew, Ng and Kunamony were fined RM50,000 each.
'Bursa Malaysia Securities views the breach seriously, as the first announcement was crucial to shareholders and investors in that it related to Meridian's level of operations to warrant continued trading or listing on the Official List,' said the bourse.
It said there will be possible suspension and delisting if Meridian fails to regularise its level of operations within the timeframes prescribed by the listing requirements.
'Timely disclosure is important towards facilitating informed investment decisions,' it said.
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