Statistics of Submissions Approved by SC






Corporate Proposals


The Securities Commission (SC) approved 129 corporate proposals during the final quarter of 2002 (Table 1), bringing the total number of corporate proposals approved for the whole year to 384.


Table 1: Number of Corporate Proposals Approved





























































Type


Number of Submissions Approved


Q4 2002


Q3 2002


Q1-Q4 2002


Q1-Q4 2001

New listings 12 14 42 39
Capital-raising exercises 1 42 38 135 115
Acquisitions 9 9 31 30
Restructuring & reorganizations 2 30 9 57 18
Recapitalisation 1 1
Employee share option schemes 11 9 40 52
Others 3 25 15 78 49
Total 129 95 384 303

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


Proposals for capital-raising exercises (42) formed the bulk of the approvals in the fourth quarter. These include submissions for equity issues, private placements and restricted issues, issues of debt securities, irredeemable convertible unsecured loan stocks (ICULS) and preference shares.


The fourth quarter also witnessed a significant number of approvals for applications for restructuring and reorganisation. There were 30 such approvals in the fourth quarter as compared with nine in the third quarter. The total number of restructuring and reorganisation proposals approved in 2002 amounted to 58 (including one recapitalisation exercise) as compared with 18 in 2001. Of the 58 approvals, 42 were related to PN4 companies. The surge in the number of such submissions and approvals in 2002 was, therefore, due to the submissions by PN4 companies that are required to regularise their financial conditions within stipulated deadlines to retain their listing status.


The SC also approved 12 new listing applications, bringing the total number of approvals for such applications for the year to 42 – 7.7% higher than the total for the previous year 39.


Private Debt Securities


The SC approved a total of 67 private debt securities (PDS) issues amounting to RM13.27 billion in the fourth quarter of 2002 (Table 2).


Close to 90% of these approvals were for conventional PDS issues while the remaining 10% were for issuance of Islamic-based PDS. With these approvals, the total number of PDS issues approved for the year stood at 171 (conventional: 137; Islamic: 34) amounting to RM56.0 billion. Comparing with 2001, there was significant growth in PDS issues in 2002-the number of PDS issues approved grew by 50% while the value of PDS issues increased by 22.6%.



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

















































Jenis


Q4 2002


Q3 2002


Q1-Q4 2002


Q1-Q4 2001


No. of Issues


Size of Issues (RM mil)


No. of Issues


Size of Issues
(RM mil)


No. of Issues


Size of Issues
(RM mil)


No. of Issues


Size of Issues
(RM mil)

Conventional 60 10,115.89 37 18,429.76 137 38,369.67 79 26,696.51
Islamic 7 3,150.00 17 6,789.96 34 17,639.96 35 18,992.13
Total 67 13,265.89 54 25,219.72 171 56,009.63 114 45,688.64

Take-overs and Mergers


The SC approved 55 applications under the Malaysian Code on Take-overs and Mergers (TOM Code) during the fourth quarter of 2002 (Table 3). The total number of approvals granted for proposals under the TOM Code for 2002 amounted to 164.
Twenty-two of the approvals granted in the fourth quarter were for waivers from the mandatory-offer obligation while three approvals were given for clearance of offer documents. The remaining 30 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 Submissions Relating to the Malaysian Code on Take-overs and Mergers Approved




































Type


Number of Submissions Approved


Q4 2002


Q3 2002


Q1-Q4 2002


Q1-Q4 2001

Clearance of offer document 3 4 10 13
Application for waiver from mandatory-offer obligation 22 12 67 41
Others 4 30 15 87 93
Total 55 31 164 147

4 Includes 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 trusts and other collective investment schemes applications, the SC approved 40 applications during the fourth quarter of 2002 (Table 4). Total approvals under this category for 2002 stood at 151, relatively higher as compared with 122 approvals granted in 2001.


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










































Type


 


Number of Submissions Approved


Q4 2002


Q3 2002


Q1- Q4 2002


Q1- Q4 2001

Establishment of new funds 9 8 25 35
Increase in fund size 8 7 28 17
Exemption/variation from Guidelines 5 1 1 8 5
Other applications 6 22 30 90 65
Total 40 46 151 122

5 Excludes applications submitted through the establishment of new schemes.
6 Includes 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 trusts.


During the fourth quarter, the SC approved the establishment of nine new funds and eight applications to increase fund size. In total, the SC had approved the establishment of 25 new funds and 28 applications for increase in fund size in 2002.
There were also 22 approvals for applications relating 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.



SECURITIES COMMISSION
15 January 2003