SC’s Q1 2009 Scorecard: Interest in capital raising remains
The first quarter of 2009 saw the Securities Commission (SC) approving six equity-capital raising proposals with funds to be raised totaling RM13.435 billion, substantially higher than the RM138.80 million in Q4 2008. Three of the six approved proposals were large rights offerings and placements, indicating issuers’ confidence in raising funds from shareholders and the market. There were also large issuances of private debt securities (PDS) amounting to approximately RM10.0 billion, of which more than RM6 billion were sukuk issuances.
A total of 15 approvals for the establishment of new funds were given in the first quarter of 2009 (compared to 10 in Q4 2008). This comprised nine approvals for the establishment of unit trust schemes and six for the establishment of wholesale funds.
The SC also received 1,054 licensing applications in the first quarter. Of these applications, 259 were new applications while 795 were applications for renewal.
In its first quarterly scorecard for the year 2009, the SC reveals that it maintained a strong performance standard with 100 percent corporate proposals and 97.19 percent of licensing applications processed within the time charters.
Capital market statistics released by the SC cover information on processing, approvals and rejections of submissions, including timing and reasons. In addition to these scorecard indicators, the quarterly statistics of submissions approved by the SC for the first quarter of 2009 were also reported.
The full series of capital market statistics released by the SC is available here.
ADDITIONAL NOTE TO EDITOR
The three (of the six) large proposals approved for rights offerings and placements were Malayan Banking Berhad and TMI International Berhad (Now Axiata Berhad) both approved for rights offerings; and Bumiputra Commerce Holdings Berhad for placements of securities.