Statistics of Submissions Approved by SC for Q4 2005
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
1 Including equity issues, private placements, restricted issues, issues of debt securities and ICULS.
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
1 Include two ABS amounting to RM2.6 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
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
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
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
1 Excluding applications submitted through the establishment of new schemes.