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.

According to BERNAMA News Agency, Meridian was publicly reprimanded for failing to make an immediate announcement that the company had insignificant business or operations upon the announcement of the unaudited quarterly report for the financial period ended June 30, 2023 (4Q FY2023) on August 29, 2023.

Bursa Malaysia stated that Meridian’s business was deemed insignificant based on the 4Q FY2023 report. The company’s revenue of RM2.738 million on a consolidated basis represented only 0.93 per cent of the company’s share capital of RM294.021 million as of June 30, 2023.

The fines were imposed on several directors, including executive director and chief executive officer, Datuk Yap Ting Hau, who resigned on December 29, 2023, and was fined RM100,000. Other directors fined include Tang Boon Koon (RM100,000), Chew Shin Yong (RM50,000), Ng Kok Hok (RM50,000), and Kunamony S Kandiah (RM50,000).