1. INTRODUCTION

The Board of Directors of Meridian Berhad (“Meridian” or “the Company”) hereby announces that Meridian has triggered the prescribed criteria pursuant to Paragraph 8.03A and Paragraph 2.1 (d) of Practice Note 17 (“PN17”) under the Main Market Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Securities”). Hence, as of the date hereof, the Company is considered as a PN17 company ("First Announcement").

The PN17 criteria is triggered as the Auditors have expressed a disclaimer of opinion in the Company’s audited financial statements for the financial period ended 30 November 2023 which was announced on 5 April 2024.

2. OBLIGATIONS OF THE COMPANY PURSUANT TO PN17

Pursuant to PN17, the Company is required to comply with the following:

(i) within twelve (12) months from the date of this announcement that the Company is a PN17 company (First Announcement);

(a) submit a regularisation plan to the Securities Commission Malaysia (“SC”) for approval, if the plan will result in a significant change in the business direction or policy of the Company; or

(b) submit a regularisation plan to Bursa Securities and obtain Bursa Securities’ approval to implement the plan, if the plan will not result in a significant change in the business direction or policy of the Company;

(ii) complete the implementation of the regularisation plan within the time frame stipulated by the SC or Bursa Securities, as the case may be;

(iii) announce within three (3) months from this First Announcement, on whether the regularisation plan will result in a significant change in the business direction or policy of the Company;

(iv) announce the status of its regularisation plan and the number of months to the end of the relevant time frames referred to in Paragraphs 5.1 and 5.2 of PN17, as may be applicable, on a monthly basis until further notice from Bursa Securities;

(v) announce its compliance or non-compliance with a particular obligation imposed pursuant to PN17, on an immediate basis;

(vi) announce the details of the regularisation plan (“Requisite Announcement”) and sufficient information to demonstrate that the Company is able to comply with all the requirements set out in Paragraph 5.4 of PN17 after implementation of the regularisation plan, which shall include a timeline for the complete implementation of the regularisation plan. The Requisite Announcement must be made by the Company’s Principal Adviser; and

(vii) where the Company fails to regularise its condition, it will announce the dates of suspension and de-listing of its listed securities, immediately upon notification of suspension and de-listing by Bursa Securities.

3. CONSEQUENCE OF NON-COMPLIANCE

In the event the Company fails to comply with the obligations to regularise its condition, all its listed securities will be suspended from trading on the next market day after five (5) market days from the date of notification of suspension by Bursa Securities and de-listing procedures shall be taken against the Company, subject to the Company’s right to appeal against the de-listing.

4. STATUS OF PLAN TO REGULARISE CONDITION

The Company is looking into formulating a regularisation plan to address its PN17 status. The Company will make the necessary announcement on the regularisation plan in due course.

This announcement is dated 8 April 2024.