“The PN17 criteria was triggered as the auditors expressed a disclaimer of opinion in the company’s audited financial statements for the financial period ended Nov 30, 2023, which was announced on April 5, 2024,” the property developer said in a filing with Bursa yesterday.

In a separate exchange filing yesterday, Meridian’s external auditors, Jamal, Amin & Partners had expressed a disclaimer of opinion in the company’s annual audited financial statements for the financial period from July 1, 2022, to Nov 30, 2023.

“Because of the significance of the matters described in the basis for the disclaimer of opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements,” said the auditors.

Following the admission into PN17 territory, Meridian said it is looking into formulating a regularisation plan to address its PN17 status.

Meanwhile, Bursa said in a separate statement today that it will continue to monitor the progress of Meridian in respect of its compliance with the Main Market listing requirements.

On Bursa’s website, Meridian is stated as the latest admission into the list of 25 PN17 companies.

At market close, Meridian’s share price was down by one sen or 16.67% at five sen, giving it a market capitalisation of RM11 million.