CAPITAL MARKET STATISTICS

SC Scorecard Q1 2009
&

Statistics of Submissions Approved by SC in Q1 2009

A. Corporate Submissions to the SC – Q1 2009

Table 1: Status of Substantive Applications1 as at 31 March 2009

Total

Balance brought forward from Q4 2008

17

Add: Applications received during Q1 2009

29

Add: Applications deferred and resubmitted during Q1 2009

Total applications

46

Less: Applications Considered during Q1 2009

(25)

Less: Applications Withdrawn/Returned during Q1 2009

(-)

Balance carried forward to Q2 2009

21

Table 2: Substantive Applications Considered/Withdrawn/Returned in Q1 2009

Type of proposals

Approved

Rejected

Deferred

Withdrawn/

Returned

Total

Initial public offerings
–          Main Board
–          Second Board
–          MESDAQ

1

1

Mergers & Acquisitions

Restructurings

4

11

5

Equity Capital-raising

6

6

Private debt securities

9

9

Others 2

4

4

TOTAL

24

1

25

For the rejection case, grounds for rejection were clearly communicated to applicant and adviser through formal decision letter followed by a post-decision meeting with the SC. The restructuring proposal was rejected on the grounds that the proposal was not sufficiently comprehensive and capable of resolving all financial problems faced by the applicant.
2 Includes proposal for transfer to Main Board, disposal, proposal by unlisted company etc.

Table 3: Processing Turnaround Time for Substantive Applications Considered in Q1 2009

Substantive Applications

Within Time Charter1

Exceeds Time Charter

Total

No.

%

No.

%

No.

%

25

100

25

100

1 SC time charter is 60 working days for applications involving initial public offerings (IPOs) and acquisitions/disposals of assets resulting in a significant change in the business direction/policy of a listed company. The 21 and 14 working days are for applications involving large capitalisation IPOs and equity, and private debt securities respectively. For a stand-alone rights proposal and private placements up to 10% of the paid-up share capital, the time charter is 5 working days and 1 working day respectively. The processing time are computed from the date of receipt of complete application to date of decision letter.

Table 4: Status of Licensing Applications in Q1 2009

Type of licence application

Received

Withdrawn

Returned

Considered

Approved

Rejected

Pending

Representative
New

247

7

19

221

188

0

33

Renewal

773

0

4

769

752

0

17

Corporation
New

11

0

0

11

8

0

3

Renewal

22

0

1

21

16

0

5

Individual
New

1

0

0

1

0

0

1

Renewal

0

0

0

0

0

0

0

Total

1,054

7

24

1,023

964

0

59

Table 5: Processing Turnaround Time for Licensing Applications in Q1 2009

Type of licence application

Within

time charter

Exceeds

time charter

Total

%

Total

%

Representative
New

165

87.76

23

12.24

Renewal

751

99.86

1

0.14

Corporation
New

8

100

0

0

Renewal

13

81.25

3

18.75

Individual
New

0

0

0

0

Renewal

0

0

0

0

Total

937 (97.19%)

27 (2.81%)


B. Statistics of Applications Approved by the SC – Q1 2009


i) Corporate Proposals

Table 6: Number of Corporate Proposals Approved

Type of Proposals

No. of Corporate Proposals Approved

Q1 2009

Q4 2008

Q1 2008

Initial public offering

1

2

13

Mergers & Acquisitions

0

3

8

Restructurings

4

2

2

Equity Capital-raising

6

10

21

Private debt securities

9

201

282

Others

4

9

16

TOTAL

24

46

88

1 20 proposals comprising 21 RM-denominated PDS issues and 1 foreign currency-denominated PDS issue (Table 7, 8 and 9).
2 28 proposals comprising 29 RM-denominated PDS issues and 3 foreign currency-denominated PDS issues (Table 7, 8 and 9).

ii) Private Debt Securities

Table 7: Approved RM-denominated PDS Issues

Type

Q1 2009

Q4 2008

Q1 2008

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

51

6,999.10

102

31,327.17

143

26,465.00

Sukuk

44

3,600.00

95

14,639.00

13

5,850.00

Combination6

27

4,000.00

28

6,000.00

Total

9

10,599.10

21

49,966.17

29

38,315.00

1 Include one multi-currency debt programme which has a combined limit of RM5.0 billion (or its equivalent in foreign currency) with an intended issuance of a multi-currency sukuk programme.
2 Include one Asset-Backed Securities (ABS) amounting RM20.0 billion.
3 Include one ABS amounting RM650 million, two PDS by multilateral development banks/multilateral financial institutions pursuant to Practice Note 2 (PN2) amounting RM7.8 billion, one PDS by an agency of a foreign government pursuant to Practice Note 2A (PN2A) amounting RM1.35 billion and four PDS by foreign multinational corporations pursuant to Practice Note 2B (PN2B) amounting RM9.0 billion.
4 Include one ABS amounting RM2.0 billion.
5 Include one multi-currency sukuk programme amounting RM10.0 billion (or its equivalent in foreign currency).
6 Combination of conventional and sukuk.
7 Include one PDS by a foreign multinational corporation amounting RM1.0 billion and one PDS by an agency of a foreign government amounting RM3.0 billion.
8 Multi-currency PDS by agencies of foreign government pursuant to PN2A.

Table 8: Approved Foreign Currency-denominated PDS Issues by Foreign Corporations

Type

Q1 2009

Q4 2008

Q1 2008

No. of offers

Size of offers
(
mil)

No. of offers

Size of offers
(‘mil)

No. of offers

Size of offers
(
mil)

Conventional

Sukuk

11

12

USD5,000.00

Combination

Total

1

1

USD5,000.00

1 Offer size has yet to be finalised at the point of approval.

2 Offer in Malaysia was part of global offering.

Table 9: Approved Foreign Currency-denominated PDS Issues by Malaysian Issuers

Type

Q1 2009

Q4 2008

Q1 2008

No. of offers

Size of offers
(
mil)

No. of offers

Size of offers
(
mil)

No. of offers

Size of offers
(
mil)

Conventional

21

USD300.00

SGD425.00

Sukuk

Total

2

USD300.00

SGD425.00

1 PDS issues by a local issuer pursuant to Practice Note 1 (PN1).

Table 10: Approved Program Issuance of Structured Products

Type

Q1 2009

Q4 2008

Q1 2008

No. of issues

Size of issues
(‘mil)

No. of issues

Size of issues
(‘mil)

No. of issues

Size of issues
(‘mil)

Conventional

1

SGD1,000.00

3

15,000.00

1

RM5,000.00

2

RM10,000.00

Sukuk

Total

1

SGD1,000.00

3

15,000.00

1

RM5,000.00

2

RM10,000.00



iii) Take-overs & Mergers

Table 11: Number of Approved Submissions Relating to the Malaysian Code on Take-overs and Mergers

Type

Number of Submissions Approved

Q1 2009

Q4 2008

Q1 2008

Clearance of offer document

4

10

7

Application for exemption from mandatory offer obligation

15

20

20

Others

23

27

51

Total

42

57

78

iv) Unit Trusts & Collective Investment Schemes

Table: 12: Number of Submissions Relating to Unit Trust and Other Collective Investment Schemes Approved

Type

Number of Submissions Approved

Q1

2009

Q4
2008

Q1

2008

Establishment of new funds

15

10

30

Increase in fund size

9

9

6

Exemption/variation from Guidelines

0

2

4

Other applications

17

22

15

Total

41

43

55