Statistics of Submissions Approved by SC for Q1 2006


Corporate Proposals


The Securities Commission (SC) approved 70 corporate proposals in the first quarter of 2006 (Table 1), an increase of 9% as compared to the total approvals in the final quarter of 2005 (64 proposals approved).


Table 1: Number of Corporate Proposals Approved















































Number of Corporate Proposals Approved

Type

Q1 2006

Q4 2005

Q1 2005

New listings

15

8

32

Capital-raising exercises 1

35

44

40

Acquisitions

7

4

Restructuring & reorganisations 2

1

1

Share splits

2

Others 3

13

11

9

Total

70

64

88












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

The number of new listings approved for the first quarter of 2006 almost doubled the number of approvals granted in the final quarter of 2005 to 15 approvals. Eight or 47% of the approvals for the new listings were in relation to the MESDAQ market.


Capital-raising exercises continued to form the bulk of corporate proposals approved in the first quarter of 2006 (50%). However, the number of these proposals approved had fallen by 20% since the fourth quarter of 2005.


Private Debt Securities


The SC approved 26 private debt securities (PDS) issues (excluding issuance by Cagamas Berhad) with a total approved issuance limit of RM14.9 billion in the first quarter of 2006 (Table 2). Out of these approved issues, 61.5% were for Islamic securities, while the remaining 38.5% were for conventional PDS issues. With a total of 26 issues, the number of approved PDS issues in the first quarter increased by about 62.5% as compared to the total PDS issues approved in the same quarter last year. In terms of approved issuance limit, a significant increase of 311% was recorded in the first quarter as compared to the total approved issuance limit in the same quarter last year.

Table 2: Number and Size of Approved RM-denominated PDS Issues






































Type
Q1 2006


Q4 2005


Q1 2005

 
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


10


3,385.30


13 1


8,400.00


6


331.15


Islamic


16


11,557.00


22 2


11,972.00


10 3


3,301.00

Total

26


14,942.30


35


20,372.00


16


3,632.15












1 Include two Asset-Backed Securities (ABS) amounting to RM2.6 billion.
2 Include one ABS amounting to RM442.0 million.
3 Include one ABS amounting to RM2.5 billion.

In addition to PDS issues proposed by Malaysian issuers, the SC approved one offer of foreign currency-denominated PDS issue by a foreign corporation worth USD6.5 billion (as part of its global offering) in the first quarter (Table 3).

Table 3: Number and Size of Foreign Currency-denominated PDS Issues by Foreign Corporation






































Type
Q1 2006



Q4 2005



Q1 2005


 
No. of issues

Size of issues
(USD’mil)

No. of issues

Size of issues
(USD’mil)

No. of issues

Size of issues
(USD’mil)


Conventional


1


6,500.00






Islamic






1


500.00


Total


1


6,500.00




1


500.00


With regard to PDS issues by Cagamas Berhad, the SC approved a total of 14 PDS issues amounting to RM3.5 billion in the first quarter. Eight of these approvals were for the issuance of Islamic securities while the remaining six approvals were for the issuance of conventional PDS representing 57.1% and 42.9% respectively (Table 4).

Table 4: Number and Size of Approved PDS Issues by Cagamas Berhad






































Type
Q1 2006


Q4 2005


Q1 2005

 
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


6


1,285.00


2


860.00




Islamic


8


2,200.00


1


500.00


2


200.00


Total


14


3,485.00


3


1,360.00


2


200.00


The SC approved three programme issuance of structured products with a total size of up to RM2.4 billion in the first quarter of 2006 as compared to five programme issuance with a total size of up to RM8.3 billion in the same quarter last year (Table 5).

Table 5: Number and Size of Approved Programme Issuance of Structured Products






































Type
Q1 2006


Q4 2005


Q1 2005

 
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


3


2,390.00


3


10,900.00


5


8,349.90


Islamic








Total


3


2,390.00


3


10,900.00


5


8,349.90


Take-over and Mergers


The SC approved 46 applications, out of 48 applications considered, under the Malaysian Code on Take-overs and Mergers 1998 in the first quarter of 2006 (Table 6). The other two applications were rejected. The number of approved applications represents a decrease of 9.8% as compared to the total submissions approved in the same quarter last year.

Table 6: Number of Approved Submissions Relating to the Malaysian Code on Take-overs and Mergers





























Type
Number of Submissions Approved

 

Q1 2006

Q4 2005

Q1 2005

Clearance of offer document


4


7


9


Application for waiver from mandatory offer obligation


11


10


10


Others


31


36


32

Total

46


53


51


In the first quarter this year, 23.91% of the approvals were for waiver from mandatory offer obligation and 67.39% of the approvals were given to other submissions including 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 61 applications relating to unit trusts and other collective investment schemes in the first quarter of 2006 (Table 7) as compared to 57 applications in the final quarter of 2005.

Table 7: Number of Approved Submissions Relating to Unit Trust and Other Collective Investment Schemes


































 

Type

Number of Submissions Approved


Q1
2006


Q4
2005


Q1
2005


Establishment of new funds


17


15


8


Increase in fund size


14


7


9


Exemption/variation from Guidelines 1


3


12


1


Other applications 2


27


23


23

Total

61


57


41









1 Excluding applications submitted through the establishment of new schemes.
2 Including applications for extension of time, change in shareholding structure, investment in foreign market, change of fund name and application to act as E-Host and provide online activities.

The total approvals related to unit trusts and other collective investment schemes include 17 approvals for establishment of new funds as compared to 15 approvals in the final quarter of 2005. There were also 14 approvals for changes in fund size and three for exemption/variations from the Guidelines on Unit Trust Funds. The remaining 27 approvals were in relation to applications categorised under “Other applications”, which formed the bulk of the total approvals related to unit trusts and collective investment schemes in the first quarter of 2006.



SECURITIES COMMISSION