CAPITAL MARKET STATISTICS
SC Scorecard Q2 2007

&

Statistics of Submissions Approved by SC in Q2 2007

A. Corporate Submissions to the SC – Q2 2007

Table 1: Status of Substantive Applications1 as at 30 June 2007

 

Total

Balance brought forward from Q1 2007

42

Add: Applications received during Q2 2007

118

Total applications

160

Less: Applications Considered during Q2 20072

110

Less: Applications Withdrawn/Returned during Q2 2007

4

Balance carried forward to Q3 2007

46

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Table 2: Substantive Applications Considered/Withdrawn/Returned in Q2 2007

Type of proposals

Approved

Rejected1

Deferred

Withdrawn/
Returned

Total

Initial public offering

– Main Board
– Second Board
– MESDAQ

 

1
2

 

1

 



 


2

 

2
4

Merger & Acquisition

4

1

1

6

Restructuring

9

8

17

Capital-raising

36

36

Private debt securities

20

1

21

Others

27

1

28

TOTAL

99

10

1

4

114

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 grounds for rejection of the initial public offering were failure by the applicant to demonstrate that it had sufficient contracts secured from non-related parties to sustain reasonable profits and was in healthy financial position.  All the eight restructuring proposals were rejected on the grounds that the proposals were not sufficiently comprehensive and capable of resolving all financial problems faced by the applicants.

Table 3: Processing Turnaround Time for Substantive Applications Considered in Q2 2007

Approach

Within Time Charter1

Exceeds Time Charter2

Total

No.

%

No.

%

No.

%

Assessment

30

100

30

100

Declaratory

73

92

6

8

79

100

TOTAL

103

94

6

6

109

100

1   SC time charter is 3 months for applications under the Assessment Approach and 21 and 28/14 working days for equity and private debt 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 over the suitability of the proposal, incomplete submissions from the applicants and/or advisers and longer time taken by the applicants and/or advisers in replying to SC queries.

Table 4: Status of Licensing Applications in Q2 2007

Type of licence application

Received

Withdrawn

Returned

Considered

Approved

Rejected

Pending

Representative

             

New

246

2

20

224

182

0

42

Renewal

2,068

4

4

2,060

2,031

0

29

Company

             

New

10

0

0

10

3

0

7

Renewal

46

1

0

45

35

0

10

Total

2,370

7

24

2,339

2,251

0

88

Table 5: Processing Turnaround Time for Licensing Applications in Q2 2007

Type of licence application

Within
time charter Total

Exceeds
time charter

Representative

   

New

168

14

Renewal

2,030

1

Company

   

New

3

0

Renewal

32

3

Total

2,233

18

B. Statistics of Applications Approved by the SC – Q2 2007

i) Corporate Proposals

Table 6: Number of Corporate Proposals Approved

Type of proposals

Number of Corporate Proposals Approved

Q2 2007

Q1
2007

Q1- Q2
2007

Q1 – Q2
2006

Initial public offering

3

8

11

18

Merger & Acquisition

4

5

9

13

Restructuring

9

2

11

Capital-raising

36

27

63

27

Private debt securities

20

22

42

47

Others

27

20

47

37

TOTAL

99

84

183

142

 

ii) Private Debt Securities

Table 7: Approved RM-denominated PDS Issues

Type

Q2 2007

Q1 2007

Q2 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

14

4,807.02

181

9,458.01

152

10,600.50

Sukuk

73

6,227.000

12

3,763.00

16

4,376.87

Total

21

11,034.02

30

13,221.01

31

14,977.37

Include one asset-backed securities (ABS) issue amounting to RM198 million.
2 Include two ABS issues amounting to RM1.5 billion.
3 Include one ABS issue amounting to RM2.3 billion.

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

Type

Q2 2007

Q1 2007

Q2 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

Sukuk

52,3

US$4,600.00

13

US$200.00

Combination4

13

US$3,000.00

Offered as a settlement mode under a proposed acquisition.
2 Offer size for three issues was yet to be finalised at the point of approval.
3 Offer in Malaysia was part of global offering.
Combination of Conventional and Sukuk.

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

Type

Q2 2007

Q1 2007

Q2 2006

No. of offers

Size of offers
(‘mil)

No. of offers

Size of offers
(‘mil)

No. of offers

Size of offers
(‘mil)

Conventional

1

US$400.00

Sukuk

Table 10: Approved PDS Issues by Cagamas Berhad

Type

Q2 2007

Q1 2007

Q2 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

1

200.00

2

3,000.00

6

2,395.00

Sukuk

3

400.00

4

350.00

2

300.00

Combination1

2

60,000.00

Total

6

60,600.00

6

3,350.00

8

2,695.00

1  Combination of Conventional and Sukuk.

Table 11: Approved Program Issuance of Structured Products

Type

Q2 2007

Q1 2007

Q2 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

5

50,150.00

4

5,099.90

Sukuk

2

2,000.00

1

1,000.00

1

1,800.00

Total

7

52,150.00

5

6,099.90

1

1,800.00


iii) Take-overs & Mergers

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

Type

Number of Submissions Approved

Q2
2007

Q1
2007

Q2
2006

Clearance of offer document

24

11

6

Application for waiver from mandatory – offer obligation

15

30

16

Other

70

45

48

Total

109

86

70

 

iv) Unit Trusts & Collective Investment Schemes

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

Type

Number of Submissions Approved

Q2
2007

Q1
2007

Q1 – Q2
2007

Q1 – Q2
2006

Establishment of new funds

44

21

65

37

Increase in fund size

34

26

60

35

Exemption/variation from Guidelines1

10

11

21

6

Other applications 2

37

38

75

60

Total

125

96

221

138

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 appointment of institutional agents for distribution of unit trusts.