Statistics of Submissions Approved by SC


Corporate Proposals


The Securities Commission (SC) approved 95 corporate proposals during the third quarter of year 2002 (Table 1). Cumulatively, the SC approved 255 corporate proposals in the first nine months of 2002. Most of the submissions approved during the third quarter of 2002 were for capital-raising exercises (38), which include submissions for equity issues, private placements and restricted issues, issues of debt securities, irredeemable convertible unsecured loan stocks (ICULS) and preference shares.


The SC also approved 14 new listing applications, bringing the total number of approvals for such applications since the beginning of the year to 30. The SC also approved nine applications for acquisition and another nine for restructuring and reorganisation in the third quarter of 2002.

Table 1: Number of Corporate Proposals Approved



























































 


Type


Number of Submissions Approved


Q3
2002


Q2
2002


Q1 – Q3
2002


Q1 – Q3
2001

New listings
14


7


30


34

Capital-raising exercises *
38


31


93


91

Acquisitions
9


5


22


15

Restructuring & reorganisations **
9


9


27


15

Recapitalisation
1



1


Employee share option schemes
9


9


29


39

Others ***
15


25


53


31

Total
95


86


255


225












* Include equity issues, private placements and restricted issues, issues of debt
securities, ICULS and preference shares.
** Include debt restructuring.
*** Include bonus issues, transfers to Main Board, disposals of assets, issues of replacement warrants and exercises by unlisted companies.

Private Debt Securities


The SC approved a total of 54 private debt securities (PDS) issues amounting to RM25.2 billion in the third quarter of 2002 (Table 2). Thirty-seven of these approvals were for conventional PDS issues while the remaining 17 approvals were for issuance of Islamic-based PDS – representing 68.5% and 31.5%, respectively, of total PDS issues during the third quarter. The total number of PDS issues for the first nine months of 2002 stood at 104 (conventional: 77; Islamic: 27) amounting to RM42.7 billion.

Table 2: Number of Issues Approved Relating to Private Debt Securities














































Type
Q3
2002


Q2
2002


Q1-Q3
2002


Q1-Q3
2001


No of approvals


Size of issues
(RM mil)


No of approvals


Size of issues
(RM mil)


No of approvals


Size of issues
(RM mil)


No of approvals


Size of issues
(RM mil)

Conventional
37


18,429.76


25


6,616.55


77


28,253.78


58


21,610.90

Islamic
17


6,789.96


6


6,530.00


27


14,489.96


26


15,304.13

Total
54


25,219.72


31


13,146.55


104


42,743.74


84


36,915.03


Take-overs and Mergers


The SC approved 31 applications under the Malaysian Code on Take-overs and Mergers (TOM Code) during the third quarter of 2002 (Table 3). The number of approvals granted for proposals under the TOM Code since January to end September 2002 stood at 109.
Twelve of the approvals granted in the third quarter were for waivers from the mandatory-offer obligation while four approvals were given for clearance of offer documents. The remaining 15 approvals were for extension of time for despatch of offer documents, appointment of independent advisers, clearance of independent advice circulars and other ancillary applications including requests for rulings.



Table 3: Number of Approved Submissions Relating to the Malaysian Code on
Take-overs and Mergers




































Types


Number of Submissions Approved


Q3 2002


Q2 2002


Q1- Q3 2002


Q1- Q3 2001

Clearance of offer documents
4


2


7


11

Application for waiver from mandatory-offer obligation
12


14


45


31

Others*
15


25


57


73

Total
31


41


109


115






* Include extension of time for despatch of offer documents, appointment of independent
advisers, clearance of independent advice circulars and other ancillary applications including
requests for rulings.

Unit Trusts and Other Collective Investment Schemes


In terms of unit trust and other collective investment schemes applications, the SC approved a total of 46 applications during the third quarter of year 2002 (Table 4). Total approvals under this category for the period from January to September 2002 stood at 111, relatively higher as compared with the 93 approvals granted during the corresponding period of last year. During the third quarter, the SC also approved the establishment of eight new funds and seven applications to increase fund size. The remaining 30 applications approved under this category are related to extension of time, appointment of external fund managers, change in shareholding structure, revaluation of property and appointment of institutional agents for distribution of unit trusts.



Table 4: Number of Submissions Approved Relating to Unit Trusts and Other Collective Investment Schemes










































Type


Number of Submissions Approved


Q3 2002


Q2 2002


Q1 – Q32002


Q1 – Q32001

Establishment of new funds
8


7


16


26

Increase in fund size
7


9


20


12

Exemption/variation from Guidelines *
1


4


7


5

Other applications **
30


23


68


50

Total
46


43


111


93









* Exclude applications submitted through the establishment of new schemes.
** Include applications for extension of time, appointment of external fund managers,
change in shareholding structure, revaluation of property and appointment of institutional
agents for distribution of unit trust.



SECURITIES COMMISSION

21 October 2002