Statistics of Submissions Approved by SC for Q4 2005


Corporate Proposals


The Securities Commission (SC) approved 64 corporate proposals in the fourth quarter of 2005 (Table 1) bringing the total number of corporate proposals approved for 2005 to 334.


Table 1: Number of Corporate Proposals Approved




























































Type
Number of Corporate Proposals Approved


Q4 2005


Q3
2005


Q1-Q4
2005


Q1-Q4
2004

New listings
8


13


69


82

Capital-raising exercises 1
44


49


191


225

Acquisitions
_


4


15


22

Restructuring & reorgani s zations 2
1


5


7


10

Share splits
_


2


10


35

Employee share option schemes (ESOS)
_


_



1

Others 3
11


9


42


52

Total
64


82


334


427


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


In the fourth quarter of 2005, there were eight approvals for new listings as compared to 13 in the previous quarter. On an annual basis, there were fewer new listings registered for 2005 as compared to 2004.


Four of the new listings approved in the fourth quarter of 2005 were in relation to the MESDAQ market. The number of approvals for listing on the MESDAQ Market was higher in 2005 than in 2004 – 50 as compared to 38.


Capital-raising exercises continued to dominate the type of corporate proposals approved with a total of 191 cases, representing 57.2% of the total approvals in 2005.


Private Debt Securities


A total of 35 private debt securities (PDS) issues (excluding issuance by Cagamas Berhad) amounting to RM20.4 billion was approved by the SC in the fourth quarter of 2005 (Table 2). This number includes three issues of asset-backed securities (ABS) worth RM3.1 billion.


For the year 2005, the SC approved a total of 77 Islamic securities issues, 57.1% higher than the total in 2004. The total size of Islamic securities issues in 2005 was also significantly greater by 185.7% compared to 2004.


Table 2: Approved RM-denominated PDS Issues


















































Type


Q4 2005


Q3 2005


Q1-Q4 2005


Q1-Q4 2004


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


131


8,400.00


153


5,132.42


495


17,345.62


757


32,679.98


Islamic


222


11,972.00


274


14,699.00


776


43,317.00


49


15,161.30


Total


35


20,372.00


42


19,831.42


126


60,662.62


124


47,841.28


1 Include two ABS amounting to RM2.6 billion.
2 Include one ABS amounting to RM442.0 million.
3
Include one ABS amounting to RM175.0 million.
4
Include one ABS amounting to RM2.5 billion.
5 Include five ABS amounting to RM4.4 billion.
6 Include three ABS amounting to RM5.4 billion and one Islamic securities issued by a Multilateral Development Bank amounting to RM2 billion.
7 Include six ABS amounting RM4.7 billion.


The total value of PDS issues by Cagamas Berhad approved by the SC in the fourth quarter amounted to RM1.36 billion (Table 3). The PDS issues by Cagamas Berhad comprise short-term notes, conventional bonds and Islamic bonds.


Table 3: Approved PDS Issues by Cagamas


















































Type


Q4 2005


Q3 2005


Q1-Q4 2005


Q1-Q4 2004


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


2


860.00




7


1,640.00


13


7,715.00


Islamic


1


500.00




5


900.00


5


1,600.00


Total


3


1,360.00




12


2,540.00


18


9,315.00


In addition, the SC approved three programme issuance of structured products with a total size of up to RM10.9 billion in the fourth quarter of 2005, bringing the total size of structured products programme issued for the year up to RM43.55 billion (Table 4).


Table 4: Approved Programme Issuance of Structured Products


















































Type


Q4 2005


Q3 2005


Q1-Q4 2005


Q1-Q4 2004


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


3


10,900.00


8


18,000.00


20


43,549.80


6


6,899.00


Islamic










Total


3


10,900.00


8


18,000.00


20


43,549.80


6


6,899.00


Take-over and Mergers


The SC approved 53 of the 61 applications considered under the Malaysian Code on Take-overs and Mergers 1998 in the fourth quarter of 2005 (Table 5). The number of approved applications represents an increase of 43.24% as compared to the total submissions approved in the same quarter last year.


Table 5: Number of Approved Submissions Relating to the Malaysian Code on Take-overs and Mergers 1998
































Type


Number of Submissions Approved


Q4 2005


Q3 2005


Q4 2004


Clearance of offer document


7


6


3


Application for waiver from mandatory offer obligation


10


11


14


Others


36


32


20


Total


53


49


37


Of the total number of approvals granted in the fourth quarter of this year , 18.87% of the approvals were for waiver from mandatory offer obligation and 67.92% for 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 57 applications relating to unit trusts and other collective investment schemes during the fourth quarter of 2005 (Table 6). Of this total, 15 were for the establishment of new funds, seven for change in fund size, and 12 for exemption/variations from the Guidelines on Unit Trust Funds.


Overall, the number of submissions relating to unit trusts and other collective investment schemes approved in 2005 registered an increase of 49% from 2004, with a total of 242 approvals. This includes the approval of 59 applications for the establishment of unit trust funds and other collective investment schemes.


Table 6: Number of Submissions Relating to Unit Trust and Other Collective Investment Schemes Approved











































Type


Number of Submissions Approved


Q42005


Q32005


Q1 – Q4 2005


Q1 – Q4 2004


Establishment of new funds


15


14


59


53


Change in fund size


7


12


44


29


Exemption/variation from Guidelines 1


12


6


22


4


Other applications 2


23


35


117


76

Total

57


67


242


162


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


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