KUALA LUMPUR (April 7): Practice Note 17 (PN17) company Meridian Bhd (KL:MERIDIAN) said Bursa Malaysia Securities has granted it another extension to submit its regularisation plan.
The property developer had sought a nine-month extension period until Dec 25, but the exchange only approved a six-month extension, setting the new deadline at Sept 25, according to a bourse filing on Tuesday.
This marks the fourth time extension Bursa Securities has allowed Meridian. Initially, the company was required to submit its plan by Sept 25, 2024, but the deadline has been repeatedly deferred. Before this most recent adjustment, the submission date was set for March 25, 2026.
Meridian was designated a PN17 company after its former auditor, Jamal, Amin & Partners, issued a disclaimer of opinion on the firm’s audited accounts for the 15‑month period ending Sept 30, 2023.
The disclaimer was based on accumulated net losses of RM108.24 million over three years, liabilities surpassing assets, dwindling cash reserves, overdraft breaches, encumbered inventory and unresolved tax obligations that had already led to legal proceedings.
Meridian’s current auditor, Morison LC PLT, also issued a disclaimer of opinion on the financial statements for the year ended May 31, 2025 (FY2025). The firm cited severe financial difficulties and missing records such as essential accounting documents and supporting evidence that prevented verification of opening balances.
Morison further pointed to Meridian’s continued losses and heavy debt load, raising doubts about its ability to remain as a listed company.
In June 2025, Bursa Securities reprimanded Meridian and fined five directors a combined RM350,000 for failing to promptly disclose that the company had little business activity.