GENERAL MEETINGS: Outcome of Meeting MERIDIAN BERHAD
Type of Meeting Extraordinary Indicator Outcome of Meeting Date of Meeting 22 Dec 2022 Time 10:00 AM
Venue(s) Online meeting platform (https://bit.ly/3guJidw) Level 5, Tower 8, Avenue 5, Horizon 2, Bangsar South City 59200 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur Malaysia
Outcome of Meeting On behalf of the Board of Directors of Meridian Berhad (“Meridian” or the “Company”), Malacca Securities Sdn. Bhd. wishes to announce that the shareholders of the Company had approved all the resolutions set out in the Notice of Extraordinary General Meeting (“EGM”) dated 30 November 2022, at the EGM of the Company held on 22 December 2022.
The resolutions were passed by way of poll and the results of the poll were validated by U Search Management Services, being the Independent Scrutineer appointed by the Company.
This announcement is dated 22 December 2022.
Voting Results
1. ORDINARY RESOLUTION 1 Description PROPOSED COLLABORATION BETWEEN MERIDIAN AND M101 HOLDINGS SDN BHD ("M101") TO FACILITATE THE LICENSE AGREEMENT FOR MERIDIAN'S DEVELOPMENT AND OPERATION OF A WATER PARK ("PROPOSED COLLABORATION") Shareholder’s Action For Voting Voted For Against No. of Shareholders 19 3 No. of Shares 329,013,726 3,001 % of Voted Shares 99.9991 0.0009 Result Accepted
2. ORDINARY RESOLUTION 2 Description PROPOSED RENOUNCEABLE RIGHTS ISSUE OF UP TO 1,190,746,395 NEW ORDINARY SHARES IN MERIDIAN ("MERIDIAN SHARES" OR "SHARES") ("RIGHTS SHARES") TOGETHER WITH UP TO 595,373,197 FREE DETACHABLE WARRANTS ("WARRANTS D") TO THE ENTITLED SHAREHOLDERS OF MERIDIAN, ON THE BASIS OF 10 RIGHTS SHARES TOGETHER WITH 5 WARRANTS D FOR EVERY 2 CONSOLIDATED SHARES (AS DEFINED HEREIN) HELD BY THE ENTITLED SHAREHOLDERS OF MERIDIAN ON AN ENTITLEMENT DATE TO BE DETERMINED LATER ("PROPOSED RIGHTS ISSUE WITH WARRANTS") Shareholder’s Action For Voting Voted For Against No. of Shareholders 15 6 No. of Shares 328,196,521 820,202 % of Voted Shares 99.7507 0.2493 Result Accepted
3. ORDINARY RESOLUTION 3 Description PROPOSED DIVERSIFICATION OF THE EXISTING PRINCIPAL ACTIVITIES OF MERIDIAN AND ITS SUBSIDIARIES ("MERIDIAN GROUP" OR THE "GROUP") TO INCLUDE LEISURE AND HOSPITALITY BUSINESSES ("PROPOSED DIVERSIFICATION") Shareholder’s Action For Voting Voted For Against No. of Shareholders 18 3 No. of Shares 329,013,722 3,001 % of Voted Shares 99.9991 0.0009 Result Accepted
4. ORDINARY RESOLUTION 4 Description PROPOSED ESTABLISHMENT OF AN EMPLOYEES' SHARE OPTIONS SCHEME ("SCHEME") INVOLVING UP TO 15% OF THE TOTAL ISSUED SHARES (EXCLUDING TREASURY SHARES) AT ANY POINT IN TIME DURING THE DURATION OF THE SCHEME ("PROPOSED ESOS") Shareholder’s Action For Voting Voted For Against No. of Shareholders 16 6 No. of Shares 328,196,621 820,106 % of Voted Shares 99.7507 0.2493 Result Accepted
5. SPECIAL RESOLUTION 1 Description PROPOSED CONSOLIDATION OF EVERY 4 MERIDIAN SHARES INTO 1 CONSOLIDATED MERIDIAN SHARE ("CONSOLIDATED SHARE") ("PROPOSED SHARE CONSOLIDATION") Shareholder’s Action For Voting Voted For Against No. of Shareholders 15 6 No. of Shares 328,196,521 820,202 % of Voted Shares 99.7507 0.2493 Result Accepted
Announcement Info Company Name MERIDIAN BERHAD Stock Name MERIDIAN Date Announced 22 Dec 2022 Category General Meeting Reference Number GMA-21122022-00001 Corporate Action ID MY221221MEET0001
PERMAJU 0.050 (%) INVESTMENT IN MERIDIAN BERHAD ("MERIDIAN") PERMAJU INDUSTRIES BERHAD
Type Reply to Query Reply to Bursa Malaysia's Query Letter - Reference ID IQL-26102020-00003 Subject INVESTMENT IN MERIDIAN BERHAD ("MERIDIAN") Description PERMAJU INDUSTRIES BERHAD ("Permaju" or "the Company") - ADDITIONAL INFORMATION REQUIRED FOR INVESTMENT IN MERIDIAN Query Letter Contents We refer to your Company’s announcement dated 22 October 2020 in respect of the aforesaid matter.
In this connection, kindly furnish Bursa Securities with the following additional information for public release:-
1. The net profits and net assets of Meridian based on its latest audited accounts.
2. Prospects of Meridian.
Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.
Yours faithfully
LISTING
REGULATION
Cc : Market Surveillance Dept., Securities Commission (via fax)
(The terms used herein, unless the context otherwise stated, bear the same meaning as those defined in the Company’s announcement made on 22 October 2020 in relation to the Investment)
Reference is made to the Company’s announcement made on 22 October 2020.
The Board of Directors of Permaju wishes to provide the following additional information:
1. The net profits and net assets of Meridian based on its latest audited accounts
Based on the latest audited results of Meridian for the year ended 31 December 2018, the net asset and net loss are RM117.965 million and RM23.328 million respectively.
2. Prospects of Meridian
Meridian currently is developing its flagship project, Malaysia Tourism City (“MTC”) at Kuala Linggi, Melaka. The ultimate goal for MTC is to increase the arrival of tourist and prolong the overnight stay. The project comprises of leisure and entertainment, commercial, retail and residential components. MTC will feature the world’s first Hasbro branded water-themed park, Asia’s largest weekend market and outdoor adventure park.
This project is located at Kuala Linggi, Melaka where is a well-known tourist destination. It is a perfect weekend getaway near Kuala Lumpur. The project is expected to boost consumer spending, increase tourist inflow as well as to encourage local business and employment opportunity. It is believed that Meridan and Permaju may benefit mutually should there be any business tie-up.
This announcement is dated 27 October 2020.
Announcement Info Company Name PERMAJU INDUSTRIES BERHAD Stock Name PERMAJU Date Announced 27 Oct 2020 Category General Announcement for PLC Reference Number GA1-27102020-00013
About the Company Founded Employees CEO Website 1993 n/a Seth Yap https://www.meda.com.my Meridian Berhad operates as a property development and investment company in Malaysia. It operates through Property Development, Construction, Property Investment, and Others segments. The company develops residential and commercial properties, as well as agricultural lots; undertakes construction contracts; and rents investment properties.
It is also involved in the cultivation of oil palm; provision of project management services; acting as a building contractor; and operation of car parks in commercial properties. The company was formerly known as Meda Inc. Berhad and changed its name to Meridian Berhad in March 2019. Meridian Berhad was founded in 1993 and is based in Kuala Lumpur, Malaysia.
Mr. Ting-Hau Yap, also known as Seth, has been the Chief Executive Officer of Meridian Berhad since July 31, 2019. Mr. Hau is the founder of M101 Holdings Sdn Bhd, and has businesses across various industries such as events and advertising, real estate and outsource banking. Mr. Hau has been an Executive Director of Meridian Berhad since June 13, 2018. He involved in the property sector started more than 14 years ago whereby he founded Jotex Industries Sdn Bhd, a property investment company. Since then, he had won many accolades in the property sector. He was Chairman of M101 CORP. (alternate name, Concept Holding Corp.) since July 5, 2017 until December 7, 2018. Mr. Hau holds LLB from University of Liverpool in 2001 and Barrister-at-law, Lincolns Inn.
Top 25 shareholders own 75.92% of the company Ownership Name Shares Current Value Change % Portfolio % 21.01% Permaju Industries Berhad 190,000,000 MYR4.8m 0% no data 16.67% Kon Lian Lim 150,695,909 MYR3.8m 0% no data 5.07% Ben Seng Tay 45,877,057 MYR1.1m 0% no data 5% Pasukhas Group Berhad 45,175,600 MYR1.1m 37.14% no data 3.58% Seng Teoh 32,389,624 MYR809.7k 42.12% no data 3.56% Ting-Hau Yap 32,195,199 MYR804.9k 0% no data 3.44% Koon Weng Lee 31,130,000 MYR778.3k -0.16% no data 3.1% Kok Keong Kong 28,000,000 MYR700.0k 0% no data 2.03% Sew Chuong Yeat 18,312,900 MYR457.8k 176.39% no data 1.99% Kwing Tiong 17,989,500 MYR449.7k -51% no data 1.27% Credit Suisse, Investment Banking and Securities Investments 11,522,600 MYR288.1k -63.04% no data 1.25% Kian You Ang 11,290,900 MYR282.3k 0% no data 1.25% Seng Aun Teoh 11,277,500 MYR281.9k 0% no data 1.2% Standard Chartered Bank, Asset Management Arm 10,808,900 MYR270.2k 0% 0.01% 1.08% Siew An 9,800,000 MYR245.0k -2.49% no data 0.91% Saudee Group Berhad 8,198,300 MYR205.0k 0% no data 0.89% LGT Capital Partners (FL) AG 8,004,300 MYR200.1k 0% no data 0.73% Aturan Prisma Sdn Bhd 6,590,400 MYR164.8k 89.38% no data 0.49% Guan Kie Neoh 4,412,100 MYR110.3k -52.07% no data 0.39% Geok Wah Ng 3,500,000 MYR87.5k 0% no data 0.28% Beng Kiat Tan 2,500,000 MYR62.5k 0% no data 0.25% Hock Soon Tay 2,244,000 MYR56.1k 0% no data 0.25% Seng Teoh 2,231,500 MYR55.8k 0% no data 0.25% Jee Yee Tan 2,220,000 MYR55.5k 0% no data 0.011% Boon Tang 100,000 MYR2.5k 0% no data
Company Analysis and Financial Data Status All financial data provided by Standard & Poor's Capital IQ. Data Last Updated (UTC time) Company Analysis 2023/01/26 00:00 End of Day Share Price 2023/01/26 00:00 Earnings 2022/09/30 Annual Earnings 2022/06/30
MULTIPLE PROPOSALS MERIDIAN BERHAD ("MERIDIAN" OR "COMPANY") (I) PROPOSED COLLABORATION; (II) PROPOSED SHARE CONSOLIDATION; (III) PROPOSED RIGHTS ISSUE WITH WARRANTS; (IV) PROPOSED DIVERSIFICATION; AND (V) PROPOSED ESOS (COLLECTIVELY, REFERRED TO AS THE "PROPOSALS") MERIDIAN BERHAD
Type Announcement Subject MULTIPLE PROPOSALS Description MERIDIAN BERHAD ("MERIDIAN" OR "COMPANY")
(I) PROPOSED COLLABORATION; (II) PROPOSED SHARE CONSOLIDATION; (III) PROPOSED RIGHTS ISSUE WITH WARRANTS; (IV) PROPOSED DIVERSIFICATION; AND (V) PROPOSED ESOS
(COLLECTIVELY, REFERRED TO AS THE "PROPOSALS") This announcement is dated 27 January 2023.
Reference is made to the Company’s earlier announcements dated 2 August 2022, 1 September 2022, 6 September 2022, 28 October 2022 and 21 November 2022, circular to shareholders dated 30 November 2022 in relation to the Proposals (“Circular”) and outcome of extraordinary general meeting dated 22 December 2022. Unless stated otherwise, abbreviations and definitions used throughout this announcement shall bear the same meaning as those defined in the Circular.
On behalf of the Board, Malacca Securities wishes to announce that the Collaboration Agreement in relation to the Proposed Collaboration had on 27 January 2023 become unconditional and effective.
Announcement Info Company Name MERIDIAN BERHAD Stock Name MERIDIAN Date Announced 27 Jan 2023 Category General Announcement for PLC Reference Number GA1-27012023-00011
Modus operandi of many loss making penny stocks 1. Directors fail in generating business profit 2. Show Multi year losses, multi quarter losses 3. Directors repeatedly do fund raising via shares issuance to PP, ESOS and asset acquisition 4. Directors utilise most of the fund raised 5. When NOSH reach unmanageable Billions of shares, directors do shares consolidation, follow by fund raising via rights issue 6. Repeat step 1 to 5
Protect your capital, dont touch...hidden hand group? Hahaha
SAME CIPLAK SCHEME MULTIPLE PROPOSALS MERIDIAN BERHAD ("MERIDIAN" OR "COMPANY") (I) PROPOSED COLLABORATION; (II) PROPOSED SHARE CONSOLIDATION; (III) PROPOSED RIGHTS ISSUE WITH WARRANTS; (IV) PROPOSED DIVERSIFICATION; AND (V) PROPOSED ESOS (COLLECTIVELY, REFERRED TO AS THE "PROPOSALS") MERIDIAN BERHAD
Type Announcement Subject MULTIPLE PROPOSALS Description MERIDIAN BERHAD ("MERIDIAN" OR "COMPANY")
(I) PROPOSED COLLABORATION; (II) PROPOSED SHARE CONSOLIDATION; (III) PROPOSED RIGHTS ISSUE WITH WARRANTS; (IV) PROPOSED DIVERSIFICATION; AND (V) PROPOSED ESOS
(COLLECTIVELY, REFERRED TO AS THE "PROPOSALS") This announcement is dated 8 February 2023.
Reference is made to the Company’s earlier announcements dated 2 August 2022, 1 September 2022, 6 September 2022, 28 October 2022, 21 November 2022, 27 January 2023 and 7 February 2023, circular to shareholders dated 30 November 2022 in relation to the Proposals (“Circular”) and outcome of extraordinary general meeting dated 22 December 2022. Unless stated otherwise, abbreviations and definitions used throughout this announcement shall bear the same meaning as those defined in the Circular.
On behalf of the Board, Malacca Securities wishes to announce that the effective date for the implementation of the Proposed ESOS is on 8 February 2023.
Announcement Info Company Name MERIDIAN BERHAD Stock Name MERIDIAN Date Announced 08 Feb 2023 Category General Announcement for PLC Reference Number GA1-08022023-00018
Several investors already lodged report with sc for INTENTIONAL negligence of director, IN SINGAPORE IT IS A CRIME TO PURPOSELY DEFAULT TO SUBMIT REPORT AND PRESS PRICE DOWN, RECOLLECT THEN GORENG.IF EVERY COMPANY DO THE SAME TACTIC TO BUY BACK CHEAP, NO INVESTOR WILLEVER INVEST IN BURSA. SIMILAR TO THE FRAUD JOHN SOH WHO IS NOW IN CHANGI JAIL FOR MANIPULAYING SHARE PRICE
If i am the major shareholder and to buy back share cheaply, i juz need to use the same tactic used by meridien purposely fail to submit annual report.
A major fraudulent case... all directors should be sent to jail to strengthen corporate governance in Malaysia. :( "We have not been able to obtain sufficient appropriate audit evidence in respect of the estimates and assumptions made in the cash flow projections prepared by the management. Accordingly, we are unable to obtain sufficient appropriate audit evidence to support the validity of the going concern assumptions adopted by the directors in preparing the financial statements of the group and of the company," the auditors said.
Meanwhile, the auditors highlighted that certain investment properties and inventories, collectively referred to as "the properties," with a total carrying amount of RM50.43 million, representing 28 per cent of the total assets of the group, are still registered under a former subsidiary company, despite its disposal.
THIRTY (30) LARGEST SHAREHOLDERS AS AT 7 OCTOBER 2022 (BASED ON RECORD OF DEPOSITORS) No. Name of Shareholders No. of Shares Percentage (%) 1. AFFIN HWANG NOMINEES (TEMPATAN) SDN. BHD. 190,000,000 21.01 EXEMPT AN FOR LAZARUS SECURITIES PTY LTD 2. LIM KON LIAN 150,695,909 16.67 3. UOBM NOMINEES (TEMPATAN) SDN BHD 32,500,000 3.59 EXEMPT AN FOR SANSTON FINANCIAL GROUP LIMITED 4. LEE KOON WENG 31,130,000 3.44 5. PASUKHAS PROPERTIES SDN BHD 29,941,600 3.31 6. KONG KOK KEONG 28,000,000 3.10 7. HSBC NOMINEES (ASING) SDN BHD 26,246,900 2.90 EXEMPT AN FOR MORGAN STANLEY & CO. INTERNATIONAL PLC (IPB CLIENT ACCT) 8. CGS-CIMB NOMINEES (ASING) SDN BHD 25,769,200 2.85 EXEMPT AN FOR CGS-CIMB SECURITIES (HONG KONG) LIMITED (FOREIGN CLIENT) 9. MIDF AMANAH INVESTMENT NOMINEES (TEMPATAN) SDN BHD 22,389,624 2.48 PLEDGED SECURITIES ACCOUNT FOR TEOH SENG KIAN (MGN-TSK0015M) 10. AMSEC NOMINEES (TEMPATAN) SDN BHD 22,336,692 2.47 PLEDGED SECURITIES ACCOUNT- AMBANK (M) BERHAD FOR YAP TING HAU (SMART) 11. AFFIN HWANG NOMINEES (ASING) SDN BHD 20,805,800 2.30 EXEMPT AN FOR SANSTON FINANCIAL GROUP LIMITED (ACCOUNT CLIENT) 146 MERIDIAN BERHAD [Registration No. 200001005180 (507785-P)] THIRTY (30) LARGEST SHAREHOLDERS AS AT 7 OCTOBER 202
if SC and Bursa are not taking immediate to drag the directors to jail/court, malaysia would go to the Dogs hehe
Meridian's auditor raises doubts over company's ability to go on as a business entity NST Wed, Apr 10, 2024 12:32pm - 1 hour
KUALA LUMPUR: Meridian Bhd's auditor have raised concerns regarding the continued viability of Meridian Bhd as a business entity.
In its recent filing with Bursa Malaysia, the property developer's external auditor, Messrs Jamal, Amin & Partners, issued a disclaimer of opinion on the group's annual audited financial statements for the period spanning from July 1, 2022, to Nov 30, 2023.
The auditors pointed out a lack of compelling evidence to support the directors' claim that it can sustain its operations.
Despite Meridian's financial statements assuming ongoing operations, a range of significant uncertainties, such as recurring losses, inadequate cash reserves, legal proceedings, and regulatory hurdles, cast doubt on the validity of this assumption.
The auditors highlighted that over the past three financial years, both the group and the company have incurred substantial net losses. Meridian reported a net loss of RM17.27 million, while the company's net loss reached RM90.98 million, raising concerns about the company's financial health and sustainability.
Negative indicators such as current liabilities exceeding current assets by RM4.935 million were also highlighted in the financial statements.
Furthermore, the group's cash reserves are alarmingly low, with bank overdrafts exceeding the credit limits granted by financial institutions.
Significant tax liabilities totaling RM4.56 million, along with RM4.89 million in tax penalties from the previous financial year, have also been noted. Legal action has been initiated by tax authorities to recover these balances, but the proceedings remain ongoing and unresolved.
"We have not been able to obtain sufficient appropriate audit evidence in respect of the estimates and assumptions made in the cash flow projections prepared by the management. Accordingly, we are unable to obtain sufficient appropriate audit evidence to support the validity of the going concern assumptions adopted by the directors in preparing the financial statements of the group and of the company," the auditors said.
Meanwhile, the auditors highlighted that certain investment properties and inventories, collectively referred to as "the properties," with a total carrying amount of RM50.43 million, representing 28 per cent of the total assets of the group, are still registered under a former subsidiary company, despite its disposal.
The transfer of titles for these properties to the group has not been completed, complicating matters further due to the former subsidiary's winding-up process, the auditors said.
"Included in the term loans of the group is an amount of RM2.974 million, where we were unable to confirm the amount and the existence of the term loan, and we were unable to obtain any other audit evidence relating to the accuracy and the existence of the term loan.
"Accordingly, we are unable to determine whether potential adjustments are necessary, if any, and whether the group is obliged to settle the term loan," they said.
The auditors added that the combined impact of these factors casts significant uncertainties regarding Meridian's ability to continue operating.
Meridian has been classified as a Practice Note 17 (PN17) company, having triggered the PN17 criteria of the Main Market of Bursa Malaysia due to its minimal operational activity.
The developer has expressed its intention to formulate a regularisation plan to address its PN17 status, while Bursa Malaysia said it will continue monitoring the company's progress in complying with the Main Market listing requirements.
Announced EX Date Subject Ratio Offer 07 Feb 2023 20 Feb 2023 Share Consolidation 1.0000 : 4.0000 View 07 Aug 2014 21 Aug 2014 Bonus Issue (warrant) 1 : 10 View 30 Mar 2012 18 Apr 2012 Others (warrant) 1 : 4 View 11 Oct 2011 24 Oct 2011 Offer for Sale (warrant) 1 : 10 View
PRACTICE NOTE 17 / GUIDANCE NOTE 3 MONTHLY ANNOUNCEMENT
Description MERIDIAN BERHAD (MERIDIAN OR THE COMPANY) - ANNOUNCEMENT PURSUANT TO PRACTICE NOTE 17 OF THE MAIN MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD
Announced EX Date Subject Ratio Offer 07 Feb 2023 20 Feb 2023 Share Consolidation 1.0000 : 4.0000 07 Aug 2014 21 Aug 2014 Bonus Issue (warrant) 1 : 10 30 Mar 2012 18 Apr 2012 Others (warrant) 1 : 4 11 Oct 2011 24 Oct 2011 Offer for Sale (warrant) 1 : 10 View
Multi year losses 9 years of losses in past 10 years !!! Ask the directors for reasons
===================== NOSH = 228,434,743 after share consolidation in Feb 2023
Expect directors to restart and continue massive fund raising via shares issuance to PP, ESOS, RI, asset acquisition, etc
Expect NOSH to increase and shareholder equity % and EPS to be diluted with massive share issuance in near future
================== Continue to monitor quarterly results directors plan for utilisation of company funds directors plan for more fund raising via shares issuance to PP, ESOS, RI , asset acquisition, etc
=========== Expect Cindy Kate to play the price to attract & trap newbies, punters, fomo oldbies etc
Meridian 6 cents Buy call lah. Possible takeover offer or restructuring near as restructuring date near. Stock tht gurantee 100 percents before cny 2025 19/7/24 2.46pm Nta 52 cents
New IPO: Carlo Rino Group Berhad, a leading fashion retailer of women’s handbags, footwear, and accessories, aims to list on the ACE Market!
MQ Trader 2306 views | 8 d ago
0:17
New IPO: A homegrown air fragrance company, Vanzo Holdings Berhad aims to list on the Ace Market!
MQ Trader 1877 views | 9 d ago
0:17
New IPO: Winstar Capital Berhad, a specialist in the extrusion of aluminium profiles and fabrication of aluminium ladders aims to list on the ACE Market!
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
bojed
5,064 posts
Posted by bojed > 2022-10-17 09:47 | Report Abuse
There's something interesting in the chart. Maybe it will take 1-1.5 years to happen but I have time to wait.
100k shares is enough.