CAPITAL MARKET STATISTICS

SC Scorecard Quarter 1 2007
&
Statistics of Submissions Approved by SC in Q1 2007

A. Corporate Submissions to the SC — Q1 2007

Table 1: Status of Substantive Applications1 as at 31 March 2007

Total

Balance brought forward from Q4 2006

43

Add: Applications received in Q1 2007

91

Total applications

134

Less: Applications considered during Q1 2007

87

Less: Applications withdrawn/returned during Q1 2007

5

Balance carried forward to Q2 2007

42

1 Substantive applications excludes other applications such as extension of time, waiver from guidelines, appeal against the SC’s decision, etc.

Table 2: Substantive Applications Considered/Withdrawn/Returned in Q1 2007

Type of Proposals

Approved

Rejected1

Deferred Withdrawn/
Returned

Total

Initial public offering

– Main Board
5

1

6

– Second Board
3

1

1

5

– MESDAQ

Merger and acquisition (M&A)
5

1

1

7

Restructuring

2

1

3

Capital raising

27

27

Private debt securities
22

22

Others

20

2

22

TOTAL

84

3

5

92

1 In all rejection cases, grounds for rejection were clearly communicated to applicants and advisers through formal decision letters followed by post-decision meetings with the SC. The main ground for rejection of the initial public offering was failure by the applicant to demonstrate that the company was in a healthy financial position and had a viable business with healthy growth prospects. One M&A proposal was rejected because it would not result in significant benefits to the applicant. A restructuring proposal was rejected mainly on the ground that the proposal was not sufficiently comprehensive and capable of resolving all financial problems faced by the applicant.

Table 3: Processing Turnaround Time for Substantive Applications Considered in Q1 2007

Approach

Within
Time Charter1

Exceeds
Time Charter2

Total

No.

%

No.

%

No.

%

Assessment
27

87

4

13

31

100

Declaratory
53

95

3

5

56

100

Total
80

92

7

8

87

100

1 The SC time charter is 3 months for applications under the assessment approach and 21 and 28/14 working days for equity and private debts securities respectively under the declaratory approach, computed from date of receipt of completed application to date of decision letter. In the case of large capitalisation IPO, stand-alone rights proposal and private placement up to 10% of the paid-up share capital, the time charter is 1 month, 5 working days and 1 working day respectively.
2 Main reasons for exceeding time charter include concerns on corporate governance issues, site visit being delayed at the request of applicant and longer time taken by the applicants and/or advisers in replying to SC queries.

Table 4: Status of Licensing Applications in Q1 2007

Type of Licence Application

Received

Withdrawn

Returned

Considered

Approved

Rejected

Pending

Representative
New

237

5

19

213

182

31

Renewal

1,622

2

1,620

1,606

14

Company
New

10

10

5

5

Renewal

41

1

40

34

6

Total

1,910

5

22

1,883

1,827

56

Table 5: Processing Turnaround Time for Licensing Applications in Q1 2007

Type of Licence Application

Within
Time Charter

Exceeds
Time Charter

Representative
New

173

9

Renewal

1,602

4

Company
New

4

1

Renewal

34

Total

1,813

14

B. Statistics of Submissions Approved by SC – Q1 2007

(i) Corporate Proposals

Table 6: Number of Corporate Proposals Approved

Type of Proposals

No. of Corporate Proposals Approved

Q1
2007

Q4
2006

Q1
2006

Initial public offering

8

7

15

Merger and acquisition
5

2

7

Restructuring
2

2

Capital raising

27

28

16

Private debt securities

22

19

19

Others

20

22

13

Total

84

80

70

(ii) Private Debt Securities

Table 7: Approved RM-denominated PDS Issues

Type

Q1 2007

Q4 2006

Q1 2006

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
181

9,458.01

122

13,525.00

10

3,385.30
Sukuk
12

3,763.00

15

11,700.00

16

11,557.00
Total
30

13,221.00

27

25,225.00

26

14,942.30
1 Include one asset-backed securities (ABS) amounting to RM198 million.
2 Include two ABS amounting to RM10.25 billion.

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

Type

Q1 2007

Q4 2006

Q1 2006

No. of Offers

Size of Offers
(mil)

No. of Offers

Size of Offers
(mil)

No. of Offers

Size of
Offers
(mil)

Conventional

11

S$3.19

12

JPY30,000

12

US$6,500.00

Sukuk

22,3

1 Offered as a settlement mode under a proposed acquisition.
2 Offer in Malaysia was part of a global offering.
3 Offer size was yet to be finalised at the point of approval.

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

Type

Q1 2007

Q4 2006

Q1 2006

No. of Offers

Size of Offers
(mil)

No. of Offers

Size of Offers
(mil)

No. of Offers

Size of Offers
(mil)

Conventional

Sukuk

Table 10: Approved PDS Issues by Cagamas Bhd

Type

Q1 2007

Q4 2006

Q1 2006

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

2

3,000.00

1

200.00

6

1,285.00

Sukuk

4

350.00

8

2,200.00

Total

6

3,350.00

1

200.00

14

3,485.00

Table 11: Approved Programme Issuance of Structured Products

Type

Q1 2007

Q4 2006

Q1 2006

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

4

5,099.00

2

6,800.00

3

2,390.00

Sukuk

1

1,000.00

Total

5

6,099.00

2

6,800.00

3

2,390.00

(iii) Take-overs and Mergers

Table 12: Number of Approved Submissions Relating to the Malaysian Code on Take-overs and Mergers

Type

Number of Submissions Approved

Q1 2007

Q4 2006

Q1 2006

Clearance of offer document

11

6

4

Application for waiver from mandatory offer obligation

30

17

11

Others

45

30

31

Total

86

53

46

iv) Unit Trusts & Other Collective Investment Schemes

Table 13: Number of Submissions Relating to Unit Trust and Other Collective Investment Schemes Approved

Type

Number of Submissions Approved

Q1 2007

Q4 2006

Q1 2006

Establishment of new funds

21

27

17

Change in fund size

26

19

14

Exemption/variation from guidelines1

11

11

3

Other applications2

38

23

27

Total

96

80

61

1 Excluding applications submitted through the establishment of new schemes.
2 Including applications for extension of time, investment in foreign market, revaluation of property and application to act as E-Host and provide online activities.