Statistics of Submissions Approved by the SC







Corporate proposals


The Securities Commission (SC) approved 78 submissions from both listed and unlisted companies for the undertaking of various corporate exercises during the fourth quarter of 2001 (Table 1). This brings the total number of corporate proposals approved by the SC in 2001 to 303, 18.3% lower than the 371 approvals given in 2000.
Twenty-four of the approvals granted during the fourth quarter were for capital-raising exercises, making such proposals the largest category of proposals approved during the said period. In aggregate, 115 capital-raising applications were approved in 2001. Capital-raising exercises include equity issues, private placements and restricted issues, issues of debt securities, irredeemable unsecured loan stocks (ICULS) and preference shares.
The SC also approved five new listing applications during the fourth quarter, bringing the number of approvals granted under this category during the year 2001 to 39, 29% lower than the total recorded for the corresponding period last year.
Aside from capital-raising exercises and new listing applications, the SC also approved 15 acquisitions and 13 employee share option scheme proposals during the last three months of 2001. The applications approved in the final quarter of 2001 also included three restructuring and reorganisation exercises as well as 18 other exercises such as bonus issues, transfers to the Main Board, disposals of assets, issues of replacement warrants and exercises by unlisted companies.

Table 1: Number of Corporate Proposals Approved





















































Type Number of Submissions Approved
Q4 2001 Q1-Q4 2001 Q4 2000 Q1-Q4 2000
New listings 5 39 15 55
Capital-raising exercises* 24 115 33 113
Acquisitions 15 30 2 30
Restructuring & reorganisations ** 3 18 6 32
Employee share option schemes 13 52 7 66
Others*** 18 49 23 75

Total


78 303 86 371

* Include equity issues, private placements and restricted issue, issue of debt securities, ICULS and preference shares.
** Include debt restructuring.
*** Include bonus issues, transfers to Main Board, disposals of assets, issues of replacement warrants and exercises by unlisted companies.

Private Debt Securities


The SC approved a total of 30 private debt securities (PDS) issues amounting to RM8.77 billion in the fourth quarter (Table 2). Of the total, nine approvals were for Islamic-based PDS issues. This brings the size of PDS issues approved by the SC for 2001 to RM45.5 billion of which RM18.9 billion (42%) were structured as Islamic- PDS issues.


Table 2: Number of Submissions Approved relating to Private Debt Securities






























Type
Q4
2001


Q1 – Q4
2001


Number of Submissions Approved


Size of Issues
(RM mil)


Number of Submissions Approved


Size of Issues
(RM mil)

Conventional 21 4,785.62 79 26,696.51
Islamic 9 3,988.00 35 18,992.13

Total


30 8,773.62 114 45,688.64

Take-overs and mergers


The SC approved 32 submissions relating to the Malaysian Code on Take-overs and Mergers 1998, bringing to 147 the total number of approvals granted under this category in 2001 (Table 3).
Out of the 32 approvals, 10 involved applications for waiver from the mandatory offer obligation. In total, 41 such approvals were granted in 2001.
The SC also approved two applications for clearance of offer document and another 20 applications for various other matters such as extension of time for despatch of offer documents and appointment of independent advisers.


Table 3: Number of Submissions Approved Relating to the Malaysian Code on Take-Overs and Mergers



































Type
Number of Submissions Approved


Q4 2001


Q1-Q4 2001


Q4 2000


Q1-Q4 2000

Clearance of offer document
2 13 1 14
Application for waiver from mandatory-offer obligation 10 41 13 49
Others* 20 93 11 82

Total


32 147 25 145


* Include extension of time for despatch of offer documents, appointment of independent advisers, clearance of independent advice circular and other ancillary applications including requests for rulings.


Unit trusts and other collective investment schemes


The SC approved 29 applications relating to unit trusts and other collective investment schemes in the fourth quarter. In total, 122 such applications were approved in 2001, 13% higher than the 108 applications approved in the corresponding period of 2000 (Table 4).
In the last quarter of year 2001, the SC approved the establishment of nine applications for new funds, thus bringing the number of applications for new funds approved to 35 for the entire year.
The SC also approved five applications to increase the size of funds in the fourth quarter. The remaining 15 approvals were for various other applications such as for extension of time, change in shareholding structure and appointment of institutional agents and custodians.


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









































Type
Number of Submissions Approved


Q4 2001


Q1-Q4 2001


Q4 2000


Q1-Q4 2000

Establishment of new funds

9


35


3


13

Increase in fund size
5


17


6


26

Exemptions/variations from Guidelines *


5


1


4

Other applications**
15


65


11


65


Total


29


122


21


108



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




SECURITIES COMMISSION
17 January 2002