Statistics of Submissions Approved by SC for Q4 2004


Corporate Proposals


The Securities Commission (SC) approved 108 corporate proposals in the fourth quarter of 2004 bringing the total number of corporate proposals approved for the year to 427 (Table 1). This represented an increase of more than 20% as compared with the total in 2003.

Table 1: Number of Corporate Proposals Approved


























































Type


Number of Corporate Proposals Approved


Q4 2004


Q3 2004


Q1 – Q4 2004


Q1 – Q4 2003


New listings


19


27


82


55


Capital-raising exercises1


65


56


225


133


Acquisitions


2


4


22


26


Restructuring & reorganisations2



4


10


34


Share splits


4


9


35



Employee share option schemes (ESOS)


_


_


1


46


Others3


18


17


52


61


Total


108


117


427


355

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

There was a significantly higher number of approvals involving capital-raising exercises in the final quarter of 2004, as compared with the previous quarter. Consequently, total approvals for capital-raising exercises for 2004 have escalated to 225, almost 70% more than the total recorded in 2003.


Private Debt Securities


The SC approved a total of 36 private debt securities (PDS) issues amounting to RM8.8 billion in the fourth quarter of 2004 (Table 2). This number includes one issue of asset-backed debt securities (ABS) worth RM500 million.


While the number of conventional PDS issues approved in 2004 had dropped by 13.8%, the number of Islamic PDS approved had increased significantly by 58.1% from the number approved in 2003. The margin of increase for 2004 in terms of size of Islamic PDS issues, at 25.8%, was not as high as compared to the increase in number of issues approved.

Table 2: Number of Issues Relating to PDS Approved















































Type


Q4 2004


Q3 2004


Q1-Q4 2004


Q1-Q4 2003


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


231


6,141.27


152


5,853.82


753


32,679.98


874


35,299.35


Islamic


13


2,684.30


10


3,420.00


49


15,161.30


315


12,048.00


Total


36


8,825.57


25


9,273.82


124


47,841.28


118


47,347.35

1Include one ABS issue amounting to RM500 million
2Include one ABS issue amounting to RM1.8 billion
3Include six ABS amounting RM4.7 billion
4Include seven ABS amounting RM2.6 billion
5Include one ABS amounting RM986 million

The SC approved one issue of structured products transaction amounting to RM1.8 billion in the fourth quarter of 2004, bringing the total size of structured products approved for the year to RM6.9 billion (Table 3).

Table 3: Number of Transactions Relating to Structured Products Approved






































Type


Q4 2004


Q3 2004


Q1-Q4 2004


No. of Transaction


Size of Transactions (RM mil)


No. of Transaction


Size of Transactions (RM mil)


No. of Transaction


Size of Transactions (RM mil)

Conventional
1


1,800.00


2


3,350.00


6


6,899.00

Islamic






Total
1


1,800.00


2


3,350.00


6


6,899.00


Take-over and Mergers


The SC approved 37 applications under the Malaysian Code on Take-overs and Mergers (Take-over Code) in the fourth quarter of 2004, the same number as in the previous quarter (Table 4).

Table 4: Number of Submissions Relating to the Take-over Code Approved


































Type


Number of Submissions Approved

Q4 2004

Q3 2004

Q1 – Q4 2004

Q1 – Q4 2003


Clearance of offer document


3


8


16


16


Application for waiver from mandatory – offer obligation


14


5


59


64


Others1


20


24


81


111


Total


37


37


156


191

1Including 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.

A 27% drop in the number of ancillary applications has contributed to a lower total approved submission relating to Take-over Code for the whole of 2004 compared with the number recorded in the previous year.


Unit Trusts and Other Collective Investment Schemes


The SC approved the establishment of 11 new funds in the fourth quarter (Table 5). In total, the SC approved 39 applications relating to unit trusts and other collective investment schemes in the final quarter of 2004, as compared with 42 applications in the previous quarter.


Overall, the number of applications relating to unit trusts and other collective investment schemes approved in 2004 was lower than in 2003 – 162 in 2004 as compared with 172 in 2003. The reduction was mainly attributed to less number of applications submitted, involving exemption/variation from unit trust guidelines, as compared with 2003.

Table 5: Number of Submissions Relating to Unit Trust and Other Collective Investment Schemes Approved








































Type


Number of Submissions Approved


Q4 2004


Q3 2004


Q1 – Q4 2004


Q1 – Q4 2003


Establishment of new funds


11


8


53


40


Change in fund size


7


4


29


33


Exemption/variation from Guidelines1


0


3


4


12


Other applications 2


21


27


76


87

Total

39


42


162


172

1Excluding applications submitted through the establishment of new schemes.
2
Including applications for extension of time, revaluation of property, change of funds name and change of shareholding structure.



SECURITIES COMMISSION
27 January 2005