MERIDIAN BERHAD
KLSE (MYR): MERIDIAN (5040)
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0.05
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IPO Info
File Name: MedaInc-ApplicationProcedure (665KB).pdf Download
Discussions
1 person likes this. Showing 50 of 623 comments
Bought at 0.025 and sold at 0.03.
RM500 KFC money in 3 weeks. All praise belongs to God.
----------------------------------------------------------
bojed
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.
3 weeks ago
2022-11-09 15:38
Tactik lama :)
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
2023-01-26 07:25
:)
KLSE Screener KLSE Screener
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
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© KLSE Screener 2023 | Neobie Enterprise Sdn Bhd | Terms of Use
2023-01-26 08:11
Ann. Date Date Type Units Price View
21-Apr-2022 22-Apr-2022 Exercise of Warrants 250 1.000
28-Dec-2021 29-Dec-2021 Private Placement 150,695,909 0.057
17-Aug-2021 18-Aug-2021 Exercise of Warrants 12,300 0.500
27-May-2021 28-May-2021 Private Placement 133,877,057 0.107
23-Apr-2021 26-Apr-2021 Private Placement 40,000,000 0.150
04-Dec-2019 05-Dec-2019 Private Placement 40,118,300 0.065
16-Oct-2019 17-Oct-2019 Private Placement 25,380,000 0.070
13-Sep-2019 17-Sep-2019 Private Placement 31,100,000 0.080
30-Dec-2014 31-Dec-2014 Others 30,000 0.500
15-May-2014 16-May-2014 Others 600 0.500
15-May-2014 16-May-2014 Others 500 0.700
05-May-2014 06-May-2014 Others 90,000 0.500
30-Apr-2014 02-May-2014 Others 3,015,500 0.600
24-Apr-2014 25-Apr-2014 Others 8,807,100 0.600
21-Apr-2014 22-Apr-2014 Others 1,708,150 0.600
14-Apr-2014 15-Apr-2014 Others 383,250 0.600
07-Apr-2014 08-Apr-2014 Others 906,800 0.600
07-Apr-2014 08-Apr-2014 Others 79,100 0.500
19-Mar-2014 20-Mar-2014 Others 331,300 0.600
19-Mar-2014 20-Mar-2014 Others 173,000 0.500
11-Mar-2014 12-Mar-2014 Others 30,000 0.500
27-Feb-2014 28-Feb-2014 Others 119,850 0.600
27-Feb-2014 28-Feb-2014 Others 124,000 0.500
18-Feb-2014 19-Feb-2014 Others 77,900 0.500
18-Feb-2014 19-Feb-2014 Others 403,200 0.600
2023-01-26 17:29
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.
2023-01-26 21:52
Financial Position Analysis
Assets
RM22.59m
Liabilities
RM43.53m
Short Term
Assets
RM163.51m
Liabilities
RM5.25m
Long Term
2023-01-26 21:59
Debt Level: MERIDIAN's net debt to equity ratio (11.9%) is considered satisfactory.
Reducing Debt: MERIDIAN's debt to equity ratio has reduced from 33% to 12.9% over the past 5 years.
2023-01-26 22:00
Balance Sheet
Assets
Long term & Other Assets
RM151.3m
Inventory
RM20.0m
PhysicalAssets
RM12.2m
Cash&ShorttermInvestments
RM1.4m
Receivables
RM1.2m
Liabilities + Equity
Equity
RM137.3m
OtherLiabilities
RM24.6m
Debt
RM17.8m
AccountsPayable
RM6.4m
2023-01-26 22:00
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.
2023-01-26 22:01
Leadership Team
Name Position Tenure Compensation Ownership
Ting-Hau Yap
CEO & Executive Director 3.5yrs RM1.08m 3.56%
MYR 965.9k
Boon Tang
Executive Director 2.25yrs RM122.00k 0.011%
MYR 3.0k
Wilbert Goh
General Manager of Corporate Finance & Accounts no data no data no data
Lydia Yew
Manager of Adminisration & Human Resources no data no data no data
Kathleen Loong
Manager of Legal no data no data no data
Tengku Khirlinah
Manager of Corporate Communications no data no data no data
Alex Wong
Manager of Business Development no data no data no data
Youn Kim Wong
Company Secretary 4yrs no data no data
Mark Choong
Financial Controller of Hotel Operations no data no data no data
2023-01-26 22:01
Experienced Management: MERIDIAN's management team is considered experienced (3.5 years average tenure).
Board Members
Name Position Tenure Compensation Ownership
Ting-Hau Yap
CEO & Executive Director 4.58yrs RM1.08m 3.56%
MYR 965.9k
Boon Tang
Executive Director 2.25yrs RM122.00k 0.011%
MYR 3.0k
Kok Hok Ng
Independent & Non-Executive Director 1.5yrs RM55.00k no data
Shin Yong Chew
Independent Non-Executive Director 2.08yrs RM55.00k no data
2023-01-26 22:02
Ownership Breakdown
Private Companies 0.7%
6,590,400 shares
Institutions 3.4%
30,335,800 shares
General Public 24.1%
217,709,419 shares
Public Companies 26.9%
243,373,900 shares
Individual Insiders 44.9%
406,166,189 shares
2023-01-26 22:02
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
2023-01-26 22:03
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
2023-01-26 22:04
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
2023-01-26 22:05
Dunia akhir zaman
Taktik lama dikitar semula ... Gosh!!! :)
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
2023-01-27 20:45
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
2023-02-08 08:48
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
2023-02-15 18:04
Price 8-8.5 cents
Meridian is ini kali lah.the pakatan counter.
15/2/24 3.30pm
2024-02-15 15:29
Volume only 21K?
How is the financial status? Share consolidation or PN17 happened before?
2024-02-16 18:12
Failed to issue the Annual Report 2023. Share price plunged. Any possibility to submit the report by 5th April 2024???Otherwise will be suspended!!!
2024-03-28 18:22
Intentionally did not submit a annual report to lower the stock price. Game habits 'Mafia koprat" before start Goreng
2024-03-29 09:55
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
2024-04-02 18:54
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.
2024-04-02 18:56
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.
www.klsescreener.com/v2/news/view/1307329/meridian-039-s-auditor-raises-doubts-over-company-039-s-ability-to-go-on-as-a-business-entity
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
2024-04-10 14:13
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.
2024-04-10 14:21
Do the same in Malaysia.
https://www.nst.com.my/world/region/2024/04/1036896/vietnam-tycoon-sentenced-death-12-billion-fraud-case-state-media
2024-04-11 19:49
All the directors should be hanged till death due to fraud like in Vietnam if found guilty hehe
2024-04-12 12:45
FOR NEWBIES
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
Multi year loss making company
https://www.klsescreener.com/v2/stocks/view/5040/meridian-berhad
===================
NOSH = 228,434,743
WC = 12,105,271
==================
Company had share consolidation due to directors frequent fund raising via share issuance to PP, ESOS, RI
Expect directors to continue fund raising via share issuance causing increase in NOSH and dilution of shareholder equity % and EPS
==================
https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3453381
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
Take note of the status update
2024-06-26 16:18
FOR NEWBIES
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
https://www.klsescreener.com/v2/stocks/view/5040/meridian-berhad
Check P/L and Capital Changes
=====================
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
2024-07-17 11:53
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
2024-07-19 14:46
FOR NEWBIES
Ask the fund raising directors, when are they going to bring in the money from businesses instead of massive share issuance to PP, ESOS,RI, etc ?
https://www.klsescreener.com/v2/announcements/stock/5040?category=AL
https://www.klsescreener.com/v2/stocks/view/5040/meridian-berhad
2024-07-22 10:29
SUSPENSION AND DE-LISTING OF THE SECURITIES OF LAMBO GROUP BERHAD
https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3486682
=============
Be careful of PN17 conters
2 months ago
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CS Tan
4.9 / 5.0
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
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.
2022-10-17 09:47