4 days ago
Bursa Securities publicly reprimands Meridian, levies RM350,000 fine on five directors
KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded Meridian Bhd and five of its directors for breach of the Bursa Malaysia Securities Main Market listing requirements.
In addition to the public reprimand, executive director and CEO Datuk Yap Ting Hau was fined RM100,000.
Executive director Tang Boon Koon was also fined RM100,000 while three independent non-executive directors and audit committee members - Mark Chew Shin Yong, Ng Kok Hok and Kunamony S. Kandiah - were each fined RM50,000.
In a statement, the stock exchange said Meridian was publicly reprimanded for breach of paragraph 8.03A(3)(a) read together with paragraphs 8.03A(2)(b) and 8.03A(7)(b) of the Main Market listing requirements.
It said the company had failed to make an immediate announcement that the company had an insignificant business or operations upon announcement of the unaudited quarterly report for the financial period ended (FPE) June 30, 2023 (QR4 2023), on Aug 29, 2023.
"In this regard, Meridian had an insignificant business or operations based on the QR4 2023 where the company's revenue of RM2.738mil on a consolidated basis represented 0.93% of the company's share capital of RM294.021mil as at June 30, 2023."
It said Meridian only made the first announcement on Sept 26, 2023, after a delay of 28 days.
The five directors had breached paragraph 16.13(b) of the Main Market listing requirements for permitting Meridian to commit the breach.
Bursa Malaysia Securities said the breach was viewed seriously as the first announcement was crucial to shareholders and investors as it related to Meridian's level of operation to warrant continued trading or listing.
"There would be possible suspension and de-listing if Meridian fails to regularise its level of operations within the timeframes prescribed
in paragraph 8.03A of the Main Market listing requirements.
"Hence, information pertaining to triggering of paragraph 8.03A of the Main Market listing requirements is significant to the market and timely disclosure is important towards
facilitating informed investment decision."
