Statistics of Submissions Approved by SC





Corporate Proposals

The Securities Commission (SC) approved 66 corporate proposals during the second quarter of 2003 (Table 1), bringing the total number of corporate proposals approved for the first half of the year to 166.


Proposals for capital-raising exercises (20) continued to form the bulk of the approvals in the second quarter. These included submissions for equity issues, private placements and restricted issues, issues of debt securities and issues of irredeemable convertible unsecured loan stocks (ICULS).

Table 1: Number of Corporate Proposals Approved




















































Type
Number of Submissions Approved


Q2
2003


Q1
2003


Q1 – Q2
2003


Q1 – Q2
2002

New listings

11


8


19


16

Capital-raising exercises 1
20


38


58


55

Acquisitions
6


10


16


13

Restructurings & reorganisations2
9


12


21


18

Employee share option schemes
11


16


27


20

Others3
9


16


25


38

Total
66


100


166


160












1 Includes equity issues, private placements and restricted issues, issues of debt securities and ICULS
2 includes debt restructurings
3 Includes bonus issues, transfers to Main Board, disposals of assets, issues of warrants and exercises by unlisted companies

Taking into account the 11 new listing applications that were approved in the second quarter, the half-year total of approvals under this category stood at 19.

There was also a significant number of approvals for applications to establish employee share option schemes (ESOS) and for restructurings and reorganisations-these formed 16.7% and 13.6% of approvals, respectively.


Private Debt Securities


The SC approved a total of 22 private debt securities (PDS) issues amounting to RM5,065.09 million in the second quarter including one issue which was approved under the Guidelines on the Offerings of Asset-Backed Debt Securities (ABS) released on 11 April 2001 (Table 2). The size of the PDS issues in the quarter under review was significantly smaller as compared with the total size in the first quarter, which stood at RM16,146.39.


Close to 82% of the approvals in the second quarter were for conventional PDS issues while the remaining 18% were for the issuance of Islamic-based PDS.

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






































Type


Q2 2003


Q1 2003


Q2 2002


No of issues


Size of issues (RM mil)


No. issues


Size of Issues


No. of issues


Size of Issues
(RM mil)

Conventional
18


3,676.09


23*


13,361.39*


25#


6,616.55#

Islamic
4+


1,389.00+


7


2,785.00


6


6,530.00

Total
22


5,065.09


30


16,146.39


31


13,146.55












* Includes one ABS amounting RM300 million
# Includes one ABS amounting RM1 billion
+ Includes one ABS amounting RM986 million

Take-overs and Mergers


The SC approved 45 applications under the Malaysian Code on Take-overs and Mergers during the second quarter of 2003 (Table 3), as compared to 47 approvals in the final quarter of 2002.


Fourteen of the approvals granted in the period were for waivers from the mandatory-offer obligation while five approvals were given for clearance of offer documents. The remaining 26 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


Q1 2003


Q1 – Q2 2003


Q1 – Q2 2002

Clearance of offer documents
5


2


7


3

Application for waiver from mandatory-offer obligation
14


14


28


33

Others4
26


31


57


42

Total
45


47


92


78






4 Includes extension of time for despatch of offer documents, appointment of independent advisers, clearance of independent advice circulars and other ancillary applications including request for rulings.

Unit Trusts and Other Collective Investment Schemes


The SC approved a significantly higher number of applications relating to unit trusts and other collective investment schemes in the second quarter-69 applications as compared to 33 applications in the first quarter (Table 4).

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







































Type
Number of Submissions Approved


Q2 2003


Q1 2003


Q1 – Q2 2003


Q1 – Q2 2002

Establishment of new funds
6


12


18


8

Increase in fund size
11


4


15


13

Exemption/variation from Guidelines5
6


4


10


6

Other applications6
46


13


59


38

Total
69


33


102


65









5 Excludes applications submitted through the establishment of new schemes.
6 Includes applications for extension of time, appointment of external fund managers, revaluation of property, change in shareholding structure and appointment of institutional agents for distribution of unit trusts.

Of the total unit trust related applications approved in the second quarter, six were for the establishment of new funds, 11 for increase in fund size and six for exemption/variation from the SC’s Guidelines on Unit Trust Funds. The bulk of approvals (46), were 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 July 2003