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Free Malaysia Today
3 days ago
- Business
- Free Malaysia Today
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.
New Straits Times
3 days ago
- Business
- New Straits Times
Bursa Malaysia publicly reprimands Meridian, fines five directors total of RM350,000
KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded Meridian Bhd and imposed fines totalling RM350,000 on five of its directors for the breach of Main Market listing requirements. It said in a statement today that MERIDIAN was publicly reprimanded for failing to make an immediate announcement that the company had insignificant business or operations upon announcement of the unaudited quarterly report for the financial period ended June 30, 2023 (4Q FY2023) on Aug 29, 2023. "In this regard, MERIDIAN had an insignificant business or operations based on 4Q FY2023, where the company's revenue of RM2.738 million on a consolidated basis represented 0.93 per cent of the company's share capital of RM294.021 million as at June 30, 2023," Bursa Malaysia added. The fines were imposed against its executive director and chief executive officer, Datuk Yap Ting Hau, who then resigned on Dec 29, 2023 (RM100,000), Tang Boon Koon (RM100,000), Chew Shin Yong (RM50,000), Ng Kok Hok (RM50,000) and Kunamony S Kandiah (RM50,000).
The Star
3 days ago
- Business
- The Star
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."
