Monday 22 Jul 2024
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KUALA LUMPUR (April 1): Shares and warrants of Meridian Bhd are set to face a trading suspension effective April 8 if the property developer fails to submit its 2023 annual report by April 5.

According to a bourse filing on Monday, Meridian has already missed the March 31 deadline to submit its annual audited financial statements contained in its annual report and is at risk of having its securities suspended from trading if it fails to issue the outstanding financial statements within the five subsequent market days — by April 5.

“In view of the above and in the event that Meridian is unable to submit the outstanding annual report 2023 on or before April 5, 2024, the trading in the above company’s securities will be suspended with effect from 9am, Monday, April 8, 2024, until further notice,” Bursa Securities said.

Moreover, Bursa Securities underlined that if Meridian fails to issue the outstanding financial statements within six months of the stipulated timeframe’s expiry, the bourse regulator shall commence de-listing procedures against the company, in addition to any enforcement actions it may take.

Looking at Meridian’s earnings, the company has been in the red for six consecutive quarters.

In the company’s most recent quarter — the three-month period ended Nov 30, 2023 — it posted a net loss of RM1.22 million as its revenue of RM321,000 was dwarfed by cost of sales of RM602,000, administrative expenses of RM739,000 and finance cost of RM242,000.

Back in end-October 2023, the company changed its financial year end to Nov 30, 2023, from June 30, 2023.

For the 17-month financial year ended on Nov 30, 2023 (FY2023), Meridian posted a net loss of RM16.41 million on revenue of RM3.8 million.

At the time of writing, shares in Meridian were trading half a sen or 9.09% lower at five sen, giving the company a market capitalisation of RM10.47 million.   

Most notably, over the past week, the counter has declined 37.5% from eight sen.

Edited BySurin Murugiah
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