Statistics of submissions approved by the SC in first quarter 2002


Corporate Proposals


The Securities Commission (SC) approved 74 submissions from both listed and unlisted companies for the undertaking of various corporate proposals during the first quarter of 2002 (Table 1).


Table 1
Number of corporate proposals approved


















































Type
Number of Submission Appoved


Q1 2002


Q4 2001


Q1 2001

New listings

9


5


12

Capital-raising exercises *
24


24


38

Acquisitions
8


15


8

Restructuring & reorganisations ^
9


3


4

Recapitalisation



Employee share option schemes
11


13


3

Others @
13


18


10

Total
74


78


75












* Include equity issues, private placements and restricted issues, issues 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.

The majority of proposals approved were for capital-raising exercises, which stood at 24. Capital-raising exercises include equity issues, private placements and restricted issues, as well as issues of debt securities, irredeemable convertible loan stocks and preference shares.


Meanwhile, approvals for the establishment of employee share option schemes formed close to 15% of the total submissions approved in the first quarter of 2002. The SC also approved nine applications for new listings and another nine relating to restructuring and reorganisation, in the first quarter of 2002.


Take-overs and Mergers


The SC approved 37 submissions relating to the Malaysian Code on Take-overs and Mergers in the first quarter of 2002, five more than the number of approvals given in the fourth quarter of last year (Table 2). Of this total, 19 were for waivers from the mandatory offer obligation and one relating to the clearance of offer document.


The remaining six approvals under the Malaysian Code on Take-overs and Mergers were for the 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 approvals relating to the Malaysian Code on Take-overs and Mergers






























Type
Number of Submission Appoved


Q1 2002


Q4 2001


Q1 2001

Clearance of offer documents

1


2


1

Application for waiver from mandatory-offer obligation
19


10


12

Others*
17


20


20

Total
37


32


33








* Includes 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.
NOTE: A correction was made to Table 2 post-issuance date of this press release. The total for “Others” type of submissions for Q1 2002 has been amended from “6” to “17”.

Private Debt Securities


The SC approved 19 submissions relating to the issue of private debt securities (PDS) in the first quarter of 2002, as compared with 30 approvals in the last quarter of 2001 (Table 3). The approved submissions comprised 15 conventional PDS and four Islamic PDS.


The total size of PDS issues in the first quarter of year 2002 stood at RM4.38 billion – about half the size of PDS issues approved in the previous quarter (RM8.77 billion).


Table 3
Number of Submissions Approved relating to Private Debt Securities







































Type
Q1 2002


Q4 2001


Q1 2001


Number of Submissions Approved


Size of Issues
(RM mil)


Number of Submissions Approved


Size of Issues
(RM mil)


Number of Submissions Approved


Size of Issues
(RM mil)

Conventional

15


3,207.47


21


4,785.62


14


7,582.75

Islamic
4


1,170.00


9


3,988.00


8


5,642.00

Total
19


4,377.47


30


8,773.62


22


13,224.75


Unit trusts and other collective investment schemes


In the first quarter of 2002, the SC approved 22 submissions relating to unit trusts and other collective investment schemes (Table 4). These include one submission for the establishment of a new fund, four submissions to increase the size of funds and two submissions for exemption/variation from the SC’s Guidelines on Unit Trust Funds. There were also 15 approvals granted for other applications which include extension of time, appointment of external fund managers, revaluation of property, change in shareholding structure and appointment of institutional agents for distribution of unit trust.


Table 4
Number of approved submissions relating to unit trust and other collective investment schemes



































Type Number of Submissions Approved
Q1 2002 Q4 2001 Q1 2001
Establishment of new funds
1 9 5
Increase in fund size 4 5 2
Exemption/variation from Guidelines * 2 2
Other applications ** 15 15 18
Total 22 29 27








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



SECURITIES COMMISSION
15 April 2002