CAPITAL MARKET STATISTICS

SC Scorecard Q1 2008
&
Statistics of Submissions Approved by SC in Q1 2008

A. Corporate Submissions to the SC – Q1 2008

Table 1: Status of Substantive Applications1 as at 31 March 2008
 

Total

Balance brought forward from Q4 2007

41

Add: Applications received during Q1 2008

75

Add: Applications deferred and resubmitted during Q1 2008

3

Total applications

119

Less: Applications Considered during Q1 20082

90

Less: Applications Withdrawn/Returned during Q1 2008

2

Balance carried forward to Q2 2008

27

1 Substantive applications exclude other applications such as extension of time, waiver from guidelines, appeal against SC’s decision, etc.
2 Includes one application where its consideration has been deferred.
Table 2: Substantive Applications Considered/Withdrawn/Returned in Q1 2008

Type of proposals

Approved

Rejected1

Deferred

Withdrawn/
Returned

Total

Initial public offerings

  • Main Board
  • Second Board
  • MESDAQ

 

6
3
4

 


1

 



1

 



 

6
4
5

Mergers & Acquisitions

8

8

Restructurings

2

1

3

Capital-raising

21

21

Private debt securities

28

1

29

Others

16

16

TOTAL

88

1

1

2

92

1 For the rejection case, grounds for rejection were clearly communicated to applicant and adviser through formal decision letter followed by a post-decision meeting with the SC.  The main grounds for rejection of the initial public offering were the concerns on the applicant’s growth prospects and its high dependency on a few selected customers. 
Table 3: Processing Turnaround Time for Substantive Applications Considered in Q1 2008

Substantive Applications

Within Time Charter1

Exceeds Time Charter2

Total3

No.

%

No.

%

No.

%

85

96

4

4

89

100

1 SC time charter is 60 working days for applications involving initial public offerings (IPOs) and acquisitions/disposals of assets resulting in a significant change in the business direction/policy of a listed company.  The 21 and 28/14 working days are for applications involving large capitalisation IPOs and equity, and private debt securities respectively. For a stand-alone rights proposal and private placements up to 10% of the paid-up share capital, the time charter is 5 working days and 1 working day respectively. The processing time are computed from the date of receipt of complete application to date of decision letter.
2  Main reasons for exceeding the time charter include incomplete submissions from the applicants and/or advisers and SC’s requests for further clarification on certain pertinent issues.
3 Excludes one application where its consideration has been deferred.

Table 4: Status of Licensing Applications in Q1 2008

Type of licence application

Received

Withdrawn

Returned

Considered

Approved

Rejected

Pending

Representative

             

New

200

2

33

165

126

0

39

Renewal

1,710

1

6

1,703

1,580

0

123

Corporation

             

New

6

0

0

6

3

0

3

Renewal

38

1

1

36

31

0

5

Individual

             

New

1

0

0

1

0

0

1

Renewal

3

0

0

3

2

0

1

Total

1,958

4

40

1,914

1,742

0

172

Table 5: Processing Turnaround Time for Licensing Applications in Q1 2008

Type of licence application

Within
time charter

Exceeds
time charter

Total

%

Total

%

Representative

       

New

113

89.68

13

10.32

Renewal

1,572

99.49

8

0.51

Corporation

       

New

3

100

0

0

Renewal

30

96.77

1

3.23

Individual

       

New

0

0

0

0

Renewal

2

100

0

0

Total

1,720 (98.73%)

 

22 (1.27%)

 

B. Statistics of Applications Approved by the SC – Q1 2008

i) Corporate Proposals

Table 6: Number of Corporate Proposals Approved

Type of Proposals

No. of Corporate Proposals Approved

Q1 2008

Q4 2007

Q1 2007

Initial public offering

13

12

8

Merger & Acquisition

8

6

5

Restructuring

2

2

Capital-raising

21

33

27

Private debt securities

28

25

22

Others

16

17

20

TOTAL

88

93

84

ii) Private Debt Securities

Table 7: Approved RM-denominated PDS Issues

Type

Q1 2008

Q4 2007

Q1 2007

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

141

26,465.00

103

6,230.00

204

12,458.01

Sukuk

13

5,850.00

15

15,132.24

16

4,113.00

Combination

22

6,000.00

2

19,500.00

Total

29

38,315.00

27

40,862.24

36

16,571.01

1 Includes one asset-backed securities (ABS) amounting to RM650 million, two PDS issues by multilateral development banks/multilateral financial institutions pursuant to Practice Note 2 (PN2) amounting RM7.8 billion, one PDS issue by an agency of a foreign government pursuant to Practice Note 2A (PN2A) amounting to RM1.35 billion and four PDS issues by foreign multinational corporations pursuant to Practice Note 2B (PN2B) amounting to RM9 billion.
2 PDS issues by agencies of foreign government pursuant to PN2A.
3 Includes two ABS amounting to RM2.65 billion and one PDS issue by an agency of foreign government pursuant to PN2A amounting to RM3.6 billion.
Includes one ABS amounting to RM198 million.

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

Type

Q1 2008

Q4 2007

Q1 2007

No. of offers

Size of offers
(‘mil)

No. of offers

Size of offers
(‘mil)

No. of offers

Size of offers
(‘mil)

Conventional

11

USD1,000.00

12

SGD3.19

Sukuk

11

USD5,000.00

21

USD2,825.00

Combination

Total

1

USD5,000.00

3

USD3,825.00

1

SGD3.19

1 Part of global offering.
2 Offered as a settlement mode under a proposed acquisition.

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

Type

Q1 2008

Q4 2007

Q1 2007

No. of offers

Size of offers
(‘mil)

No. of offers

Size of offers
(‘mil)

No. of offers

Size of offers
(‘mil)

Conventional

21

USD300.00

SGD425.00

Sukuk

Total

2

USD300.00

SGD425.00

PDS issues by a local issuer pursuant to Practice Note 1 (PN1).

Table 10: Approved Program Issuance of Structured Products

Type

Q1 2008

Q4 2007

Q1 2007

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

1

5,000.00

2

1,000.00

4

5,099.90

Sukuk

1

10,000.00

1

1,000.00

Total

1

5,000.00

3

11,000.00

5

6,099.90

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

Q1
2008

Q4
2007

Q1  
2007

Clearance of offer document

7

14

11

Application for exemption from mandatory offer obligation

20

10

30

Others

51

46

45

Total

78

70

86


iv) Unit Trusts & Collective Investment Schemes

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

Type

Number of Submissions Approved

Q1
2008

Q4
2007

Q1
2007

Establishment of new funds

301

33

21

Increase in fund size

6

33

26

Exemption/variation from Guidelines 2

4

5

11

Other applications 3

15

26

38

Total

55

97

96

1 The approval of new funds comprised 24 establishment of a new unit trust schemes, 1 each for establishment of closed-end-fund, establishment of unlisted real estate investment trust and establishment of exchange traded fund; and 3 establishment of restricted investment schemes.
2 Excluding applications submitted through the establishment of new schemes.
3 Including amongst others applications for extension of time, change of trustee and change of fund name.