KUALA LUMPUR: Bursa Malaysia Securities Bhd has issued a public reprimand against Meridian Bhd and levied fines totalling RM350,000 against five of its directors for breaching Main Market listing requirements.
According to a statement released today, Meridian was found to have failed in making an immediate announcement regarding its status as having insignificant business or operations following the release of its unaudited quarterly report for the financial period ended 30 June 2023 (4Q FY2023), which was announced on 29 August 2023.
Bursa Malaysia clarified that the company’s business operations were deemed insignificant, given that its consolidated revenue for the quarter stood at RM2.738 million. This figure represented only 0.93 per cent of Meridian’s share capital of RM294.021 million as of 30 June 2023.
As a consequence, the regulatory authority imposed fines on five directors. Datuk Yap Ting Hau, who served as executive director and chief executive officer until his resignation on 29 December 2023, was fined RM100,000. Two other directors, Tang Boon Koon and Chew Shin Yong, received fines of RM100,000 and RM50,000 respectively. Ng Kok Hok and Kunamony S Kandiah were each fined RM50,000.
-Bernama
