Statistics of Submissions Approved by SC


Corporate Proposals


The Securities Commission (SC) approved a total of 86 corporate proposals during the second quarter of 2002 (Table 1). Since January this year, the SC approved a total of 160 corporate proposals compared with 152 corporate proposals approved during the first six months of 2001.


Capital-raising exercises continued to form the majority of corporate proposals approved by the SC in the second quarter. Thirty-one capital raising proposals were approved in the second quarter as compared with 24 in the first three months of the year. These include equity issues, private placements and restricted issues, issues of debt securities, irredeemable cumulative unsecured loan stocks (ICULS) and preference shares.


With regard to applications for initial public offerings (IPO), the SC approved seven IPO applications in the second quarter of this year bringing the total number of IPO applications approved for the first six months to 16. During the second quarter of 2002, the SC approved nine applications for restructuring and reorganisations (including debt restructuring) and nine applications for employee share option schemes (ESOS). The SC also approved 25 other corporate proposals within the same period in relation to bonus issues, transfer to Main Board of the Kuala Lumpur Stock Exchange (KLSE), disposal of assets and exercises by unlisted companies.


Table 1: Number of Corporate Proposals Approved



















































Type Q2 2002 Q1 2002 Q1 – Q2 2002 Q1 – Q2 2001
New listings 7 9 16 22
Capital-raising exercises * 31 24 55 67
Acquisitions 5 8 13 10
Restructuring & reorganisations ** 9 9 13 10
Employee share option schemes 9 11 20 21
Others *** 25 13 38 22
Total 86 74 160 152












* Include equity issues, private placements and restricted issues, issues of debt securities, ICULS and preference shares
** Include debt restructuring
*** Include bonus issues, transfer to Main Board, disposal of assets, and exercises by unlisted companies


Take-overs and Mergers


The SC approved a total of 41 applications under the Malaysian Code on Take-overs and Mergers 1998 (Code) within the second quarter of 2002 (Table 2). Fourteen of these applications were for waivers from the mandatory general offer obligations pursuant to various Practice Notes of the Code.


Two other applications that the SC approved were for clearance of offer documents and the remaining 25 applications were for 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.


Table 2: Number of Approved Submissions Relating to the Malaysian Code on Take-overs and Mergers

































Type Q2 2002 Q1 2002 Q1 – Q2 2002 Q1 – Q2 2001
Clearance of offer documents 2 1 3 5
Application for waiver from mandatory-offer obligation 14 19 33 24
Others* 25 17 42 42
Total 41 37 78 71






* Include 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.

Private Debt Securities


The SC approved a total of 31 private debt securities (PDS) submissions – 25 conventional and six Islamic – amounting to RM13.14 billion in the second quarter of 2002 (Table 3). Of the total, one approval was for asset-backed securities (ABS) amounting to RM1.0 billion. This brought the number of PDS submissions approved by the SC for the first six months of 2002 to 50. The total size of PDS submissions approved as at end-June 2002 stood at RM17.52 billion (including two ABS totaling RM1.35 billion), of which RM7.70 billion (44%) came from Islamic-based PDS.


Table 3: Number of Submissions Approved Relating to Private Debt Securities

















































Type
Q2 2002


Q1 2002


Q1 – Q2 2002


Q1 – Q2 2001


Number

Size of Issues (RM mil)
Number

Size of Issues (RM mil)
Number

Size of Issues (RM mil)
Number

Size of Issues (RM mil)
Conventional
25

6,616.55
15

3,207.47
40

9,824.02
41

16,734.88
Islamic
6

6,530.00
4

1,170.00
10

7,700.00
14

9,785.00
Total
31

13,146.55
19

4,377.47
50

17,524.02
55

26,519.88

Unit Trust and Other Collective Investment Schemes


The SC approved a total of 43 applications in relation to unit trust and other collective investment schemes (Table 4). The total of approvals granted under this category between January and June of year 2002 stood at 65.


The unit trust and collective investment schemes applications approved in the second quarter comprised seven for the establishment of new funds, nine for increase in fund size and four for exemption or variation from the Guidelines on Unit Trust Funds. The remaining 23 applications approved were in relation to extension of time, appointment of external fund managers, revaluation of properties, change in shareholding structure and appointment of institutional agents for distribution of unit trusts.


Table 4: Number of Approved Submissions Relating to Unit Trusts and Other Collective Investment Schemes







































Type Q2 2002 Q1 2002 Q1 – Q2 2002 Q1 – Q2 2001
Establishment of new funds 7 1 8 11
Increase in fund size 9 4 13 10
Exemptions/variations from Guidelines * 4 2 6 5
Other applications ** 23 15 38 32
Total 43 22 65 58









* Exclude applications submitted through the establishment of new schemes.
** Include applications for extension of time, appointment of external fund managers, revaluation of properties, change in shareholding structure and appointment of institutional agents for distribution of unit trust.



SECURITIES COMMISSION
17 JULY 2002