CAPITAL MARKET STATISTICS

SC Scorecard Q4 2009
&
Statistics of Submissions Approved by SC in Q4 2009

A. Corporate Submissions to the SC – Q4 2009

Table 1: Status of Substantive Applications as at 31 December 2009

 

Total

Balance brought forward from Q3 2009

15

Add: Applications received during Q4 2009

27

Add: Applications deferred and resubmitted during Q4 2009

0

Total applications

42

Less: Applications Considered during Q4 2009

(13)

Less: Applications Withdrawn/Returned during Q4 2009

(5)

Balance carried forward to Q1 2010

24

Table 2: Substantive Applications Considered/Withdrawn/Returned in Q4 2009

Type of proposals

Approved

Rejected1

Deferred

Withdrawn/
Returned2

Total

Initial public offerings

  • MAIN Market
  • ACE Market

2

2


1
1

5
1

Mergers & Acquisitions

Restructurings

1

1

Equity capital-raising

1

1

Private debt securities

6

1

7

Structured warrants

Others*

2

1

3

TOTAL

11

2

5

18

* Refers to applications to transfer to the Main Market.
1 For the rejection cases, grounds for rejection were clearly communicated to the applicants and the principal advisers through formal decision letters followed by post-decision meetings with the SC. The main grounds for rejection of the IPO proposals, amongst others, were the concerns on the applicant’s growth prospects, corporate governance issues and the non-compliance to Equity Guidelines.
2 The main reasons for the withdrawn/returned applications were the poor standards of submissions, such as non-compliance to Equity Guidelines, and the applicant’s decision to relook at their entire applications.

Table 3: Processing Turnaround Time for Substantive Applications Considered in Q4 2009

Substantive Applications

Within Time Charter1

Exceeds Time Charter

Total

No.

%

No.

%

No.

%

13

100

13

100

1 SC time charter for processing, computed from the date of receipt of complete application to date to decision letter, is as follows:

  • 52 working days for applications involving initial public offerings (IPOs) and acquisitions of assets resulting in a significant change in the business direction/policy of a listed company;
  • 32 working days for applications involving large capitalisation IPOs and transfer of listing to the Main Market of Bursa Malaysia; and
  • 14 working days for applications involving private debt securities.

Table 4: Status of Licensing Applications in Q4 2009

Type of licence application

Received

Withdrawn

Returned

Considered

Approved

Rejected

Pending

Representative

 
New

223

3

14

206

169

0

37

Renewal

1,304

0

4

1,300

1,287

0

13

Corporation  

 
New

14

0

0

14

6

0

8

Renewal

64

0

0

64

59

0

5

Individual

New

1

0

0

1

0

0

1

Renewal

6

0

0

6

6

0

0

Total

1,612

3

18

1,591

1,527

0

64

Table 5: Processing Turnaround Time for Licensing Applications in Q4 2009

Type of licence application

Within time charter

Exceeds time charter

Subtotal

Exception

Total Reported

Total

%

Total

%

Total

%

Representative

New

165

98.21

3

1.79

168

1

0.59

169

Renewal

1,275

99.14

11

0.86

1,286

1

0.08

1,287

Corporation
New

6

100

0

0

6

0

0

6

Renewal

45

84.91

8

15.09

53

6

10.17

59

Individual
New

0

0

0

0

0

0

0

0

Renewal

5

0

0

0

5

1

0

6

Total

1,496

98.55

22

1.45

1,518

9

0.59

1,527

B. Statistics of Applications Approved by the SC – Q4 2009
i) Corporate Proposals

Table 6: Number of Corporate Proposals Approved

Type of Proposals

No. of Corporate Proposals Approved

Q4 2009

Q3 2009

Q4 2008

Initial public offering

2

2

2

Mergers & Acquisitions

0

2

3

Restructurings

1

1

2

Equity Capital-raising

0

12

9

Private debt securities

6

10

20

Structured warrants

0

2

1

Others

2

4

9

TOTAL

11

33

46

ii) Private Debt Securities

Table 7: Approved RM-denominated PDS Issues

Type

Q4 2009

Q3 2009

Q4 2008

No. of issuers

Size of issues
(RM’mil)

No. of issuers

Size of issues
(RM’mil)

No. of issuers

Size of issues
(RM’mil)

Conventional

4

1,964.68

6

2,532.57

102

31,327.17

Sukuk

1

20,000.00

1

4,500.00

93

14,639.00

Combination1

24

4,000.00

Total

5

21,964.68

7

7,032.57

21

49,966.17

1 Combination of conventional and sukuk.
2 Include one asset-backed securities (ABS) amounting RM20 billion.
3 Include one multi-currency sukuk programme amounting RM10 billion (or its equivalent in foreign currency).
4 Include one PDS by a foreign multinational corporation amounting RM1 billion and one PDS by an agency of a foreign government amounting RM3 billion.

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

Type

Q4 2009

Q3 2009

Q4 2008

No. of offers

Size of offers
(USD’mil)

No. of offers

Size of offers
(USD’mil)

No. of offers

Size of offers
(USD’mil)

Conventional

Sukuk

11

750.00

21

1,500.00

1

650.00

Combination

1

4,000.002

Total

1

750.00

3

5,500.00

1

650.00

1 Offers in Malaysia were part of global offering.
2 Includes one which has yet to finalise the offer size at the point of approval.

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

Type

Q4 2009

Q3 2009

Q4 2008

No. of offers

Size of offers
(USD’mil)

No. of offers

Size of offers
(USD’mil)

No. of offers

Size of offers
(USD’mil)

Conventional

Sukuk

Total

Table 10: Approved Program Issuance of Structured Products

Type

Q4 2009

Q3 2009

Q4 2008

No. of issuers

Size of issues
(RM’mil)

No. of issuers

Size of issues
(RM’mil)

No. of issuers

Size of issues
(RM’mil)

Conventional

6

30,000.00

5

25,000.00

3

15,000.00

Sukuk

1

5,000.00

Total

7

35,000.00

5

25,000.00

3

15,000.00

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

Q4 2009

Q3 2009

Q4 2008

Clearance of offer document

4*

3

10

Application for exemption from mandatory offer obligation

16

14

20

Others

33

25

27

Total

53

42

57

* Including clearance of the revised offer document for the voluntary offer in The New Straits Times Press (Malaysia) Berhad.

iv) Unit Trusts & Collective Investment Schemes

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

Type

Number of Submissions Approved

Q4
2009

Q3
2009

Q4
2008

Establishment of new funds

30

27

10

Increase in fund size

11

8

9

Exemption/variation from Guidelines1

1

5

2

Other applications 2

12

14

22

Total

54

54

43

1 Excluding applications submitted through the establishment of new schemes.
2 Including applications for extension of time and change of management company.