Statistics of Submissions Approved by SC






Corporate Proposals


The Securities Commission (SC) approved 100 corporate proposals during the first quarter of 2003 (Table 1). This total, although slightly lower than the total during the fourth quarter of 2002 (129), was significantly higher than the number of approvals given in the corresponding period of 2002 (74).


As usual, proposals for capital-raising exercises (38) continued to form the bulk of the approvals in the first three months of 2003. These include submissions for equity issues, private placements and restricted issues, issues of debt securities, irredeemable convertible unsecured loan stocks (ICULS) and preference shares.


Table 1: Number of Corporate Proposals Approved














































Type


Number of Corporate Proposals Approved


Q1 2003


Q4 2002


Q1 2002

New listings
8


12


9

Capital-raising exercises1
38


42


24

Acquisitions
10


9


8

Restructuring & reorganisations2
12


30


9

Employee share option schemes
16


11


11

Others3
16


25


13

Total
100


129


74












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

There was also a significant number of approvals for applications to establish employee share option schemes (ESOS) and for restructuring and reorganization-these formed 16% and 12% of approvals, respectively. The SC also approved eight new listing applications in the first quarter of 2003, as compared to 12 in the previous quarter.


Private Debt Securities


The SC approved a total of 30 private debt securities (PDS) issues amounting to RM16,146.39 million in the first three months of 2003 (Table 2). While there was a relatively larger number of PDS issues approved in the fourth quarter of 2002 (67 issues), the size of those issues, totaling RM13,265.89 million was significantly smaller.


Close to 77% of the approvals in the first quarter of 2003 were for conventional PDS issues while the remaining 23% were for the issuance of Islamic-based PDS.


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








































 


Type


Q1 2003


Q4 2002


Q1 2002


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
23


13,361.39


60


10,115.89


15


3,207.47

Islamic

7


2,785.00


7


3,150.00


4


1,170.00

Total

30


16,146.39


67


13,265.89


19


4,377.47


Take-overs and Mergers


The SC approved 47 applications under the Malaysian Code on Take-overs and Mergers (TOM Code) during the first quarter of 2003 (Table 3), as compared to 55 approvals in the final quarter of 2002. Fourteen of the approvals granted in the period were for waivers from the mandatory-offer obligation while two approvals were given for clearance of offer documents. The remaining 31 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


Q1 2003


Q4 2002


Q1 2002

Clearance of offer document
2


3


1

Application for waiver from mandatory-offer obligation
14


22


19

Others4
31


30


17

Total
47


55


37








4 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.
NOTE: A correction was made to Table 3 post-issuance date of this press release. The total for “Others” type of submissions for Q1 2002 has been amended from “6” to “17”.

Unit Trusts and Other Collective Investment Schemes


In terms of unit trusts and other collective investment schemes applications, the SC approved 33 applications during the first quarter of 2003 (Table 4), as compared to 40 in the last quarter of 2002.


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




































Type


Number of Submissions Approved


Q1 2003


Q4 2002


Q1 2002

Establishment of new funds
12


9


1

Increase in fund size
4


8


4

Exemption/variation from Guidelines5
4


1


2

Other applications6
13


22


15

Total
33


40


22









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


Of the total unit-trust related applications approved in the first quarter, 12 were for the establishment of new funds, four were for increase in fund size and four for exemption/variation from the SC’s Guidelines on Unit Trust Funds. There were also 13 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
17 April 200
3