Meridian faces trading suspension over delayed annual report

• As a Practice Note 17 (PN17) company, Meridian must submit its annual report for the financial year ended May 31, 2025 by Oct 7 or face suspension the following day until further notice.

KUALA LUMPUR (Oct 1): Trading in Meridian Bhd’s (KL:MERIDIAN) shares will be suspended from Oct 8 if the loss-making property developer fails to release its annual report by Oct 7.

As a Practice Note 17 (PN17) company, Meridian must submit its annual report for the financial year ended May 31, 2025 by Oct 7 or face suspension the following day until further notice, according to the company's filing with Bursa Malaysia on Wednesday.

Under the exchange’s listing rules, listed issuers that miss the deadline for outstanding financial statements face suspension on the next market day after a five-day grace period.

Meridian was classified as a PN17 issuer in April 2024 after its external auditor, Jamal, Amin & Partners, issued a disclaimer of opinion on its audited financial statements for the period ended Sept 30, 2023.

The auditor flagged cumulative net losses of RM108.24 million over three years, liabilities exceeding assets, depleted cash reserves, breaches of overdraft limits, encumbered inventory and outstanding tax liabilities that have triggered legal action by tax authorities against the company.

Meridian was first given until March 25, 2025 to submit a regularisation plan, before Bursa Malaysia granted a second extension to Sept 25.

Having missed that deadline, Meridian last week applied for a third extension until June 25 next year.

Meridian’s shares fell 22.22% or one sen to 3.5 sen at Wednesday’s close, valuing the company at RM7.54 million. The counter has fallen more than 61% year to date.

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