Statistics of Submissions Approved by SC for Q4 2003


Corporate Proposals


The Securities Commission (SC) approved 96 corporate proposals during the final quarter of 2003 (Table 1), bringing the total number of corporate proposals approved for 2003 to 355.


Table 1: Number of Corporate Proposals Approved























































Type



Number of Corporate Proposals Approved


Q4
2003


Q3
2003


Q1 – Q4
2003


Q1 – Q4
2002

New listings

10

28

55

42

Capital-raising exercises 1

48

29

133

135

Acquisitions

6

5

26

31

Restructuring & reorganisations 2

8

3

34

62

Employee share option schemes

10

9

46

40

Others 3

14

19

61

74

Total
96

93

355

384












1 Including equity issues, private placements, restricted issues and issues of debt securities.
2

Including debt restructurings and recapitalisation.

3

Including bonus issues, transfers to Main Board, disposals of assets, issues of warrants and exercises by unlisted companies.


Proposals for capital-raising exercises formed the bulk of approvals in the fourth quarter. These include equity issues, private placements, restricted issues and issues of debt securities. This quarter’s number of approvals for capital raising exercises shows a significant increase of 66% from the previous quarter.


The fourth quarter also witnessed a significant increase in the number of approvals for restructuring and reorganisation. There were eight approvals in the fourth quarter compared with three in the previous quarter. Out of the eight approvals, four were related to restructuring involving PN4 companies.


The SC also approved 10 new listing applications during this quarter, bringing the total number of approvals granted under this category for 2003 to 55, a 31% increase from the number of approvals granted in 2002.


Overall, the fourth quarter saw a slightly higher number of approvals granted compared to the third quarter of 2003, an increase of 3% from 93 to 96. The total number of approvals granted in 2003 compared to 2002 dropped, by 8%, from 384 to 355.


Private debt securities


The SC approved a total of 39 private debt securities (PDS) issues amounting to RM22.06 billion in the fourth quarter of 2003 (Table 2). This number includes five ABS issues worth RM987.9 million. The number of approvals in this quarter increased by 44% from the third quarter.


Out of the 39 approvals granted, 59% comprised conventional PDS issues while the remaining 41% comprised Islamic-based PDS issues.

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














































Type
Q4 2003


Q3 2003


Q1 – Q4 2003


Q1 – Q4 2002


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


23 ~


14,530.68 ~


23*


3,731.19*


87^


35,299.35^


137 #


38,369.67 #


Islamic


16


7,527.00


4


347.00


31 +


12,048.00 +


34


17,639.96


Total


39


22,057.68


27


4,078.19


118


47,347.35


171


56,009.63


















~

Including five ABS amounting to RM987.9 million

* Including one ABS amounting to RM1.31 billion
+ Including one ABS amounting to RM986 million
^ Including seven ABS amounting to RM2.598 billion
# Including seven ABS amounting to RM3.785 billion

There was a marked increase of 300% in the number of Islamic PDS issues approved in this quarter from the previous quarter, with the value of the Islamic PDS issues increasing by 20.7%. While the number of conventional PDS issues approved this quarter remained constant with the previous quarter, the value for this quarter’s conventional PDS issues increased by 289%.


On a year-to-year comparison, the number of PDS submissions approved in 2003 fell by 31% from 2002, with a 15.5% decrease in the size of issues.


Take-over and Mergers


The SC approved 55 applications under the Malaysian Code of Take-overs and Mergers in the final quarter of 2003 (Table 4). This is an increase of 25% from the number of approvals granted in the previous quarter’s number. Overall, there was an increase in the number of submissions approved in each category from the previous quarter.

Table 3: Number of Submissions Under the Malaysian Code of Take-overs and Mergers Approved

































Type
Number of Corporate Proposals Approved


Q4
2003


Q3
2003


Q1 – Q4
2003


Q1 – Q4
2002

Clearance of offer document

5


4


16


7


Application for waiver from mandatory-offer obligation


22


14


64


45


Others 4


28


26


111


57


Total


55


44


191


109






4

Including 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.


Out of the 55 approvals, the bulk of the approvals were for the 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, while 40% of the approvals involved applications for waiver from mandatory-offer obligation submissions. The remaining 9% of the approvals were for applications for clearance of offer document submissions.


On a year-to-year comparison with 2002, 2003 saw an increase of 75% in the total number of applications approved, to 191 approvals. Out of this number, the bulk belonged to the category which includes submissions for the 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


The SC approved 31 applications relating to unit trusts and other collective investment schemes in the final quarter of 2003 (Table 4). This brings the total number of approvals granted in 2003 to 172, an increase of 55% from 2002.

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








































 

Type

Number of Corporate Proposals Approved

Q4 2003 Q3 2003 Q1 – Q4 2003 Q1 – Q4 2002

Establishment of new funds


12


10


40


16


Increase in fund size


9


9


33


20


Exemption/variation from Guidelines 5


0


2


12


7


Other applications 6


10


18


87


68


Total

31


39


172


111









5

Excluding applications submitted through the establishment of new schemes.

6 Including 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.

The majority of the 31 approvals in the fourth quarter were applications for the establishment of new funds, an increase of 20% from the previous quarter. On a year-to-year comparison, the number of approvals granted for this category in 2003 increased more than two-fold as compared with 2002.


There were nine approvals granted for increase in fund size in this quarter, the same number of approvals granted for the previous quarter. A year-to-year comparison for this category shows an increase of 65% in approvals granted in 2003 as compared to 2002.


As for the number of approvals granted for exemption/ variation from the Guidelines, 2003 saw an increase of 71% from 2002 with a total of 12 approvals granted in this category.


There were 10 approvals granted for applications relating to 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, bringing the total number of approvals granted in this category for 2003 to 87. This represents an increase of 28% from the previous year, and also forms the bulk of approvals for the year 2003.




SECURITIES COMMISSION
28 January 2004