CAPITAL MARKET STATISTICS

SC Scorecard Q3 2007

&

Statistics of Submissions Approved by SC in Q3 2007

A. Corporate Submissions to the SC – Q3 2007

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

 

Total

Balance brought forward from Q2 2007

46

Add: Applications received during Q3 2007

102

Total applications

148

Less: Applications Considered during Q3 20072

92

Less: Applications Withdrawn/Returned during Q3 2007

4

Balance carried forward to Q4 2007

52

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Table 2: Substantive Applications Considered/Withdrawn/Returned in Q3 2007

Type of proposals

Approved

Rejected1

Deferred

Withdrawn/
Returned

Total

Initial public offering

  • Main Board
  • Second Board
  • MESDAQ

 

1
1
1

 


1

 



1

 


1

 

1
3
2

Merger & Acquisition

5

1

6

Restructuring

3

3

Capital-raising

30

1

31

Private debt securities

29

29

Others

19

2

21

TOTAL

86

5

1

4

96

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 that among others, the applicant had a small domestic market size with limited growth and minimal value added activities.  All the three 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. Some of the factors taken into consideration include uncertainty over future direction and prospects of the applicants, and concerns on the capabilities of the applicant’s management.  One application for a two-call rights issue was rejected because the applicant’s reserves were insufficient.

Table 3: Processing Turnaround Time for Substantive Applications Considered in Q3 2007

Approach

Within Time Charter1

Exceeds Time Charter2

Total

No.

%

No.

%

No.

%

Assessment

14

93

1

7

15

100

Declaratory

72

95

4

5

76

100

TOTAL

86

95

5

5

91

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 complete 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 incomplete submissions from the applicants and/or advisers and SC’s requests for further clarification on certain pertinent issues.

 

Table 4: Status of Licensing Applications in Q3 2007

Type of licence application

Received

Withdrawn

Returned

Considered

Approved

Rejected

Pending

Representative

             

New

275

2

24

249

217

0

32

Renewal

2,062

1

3

2,058

2,058

0

0

Company

             

New

16

0

0

16

5

0

11

Renewal

85

0

3

82

80

0

2

Total

2,348

3

30

2,405

2,360

0

45

Table 5: Processing Turnaround Time for Licensing Applications in Q3 2007

Type of licence application

Within
time charter

Exceeds
time charter

Representative

   

New

206

11

Renewal

2,056

2

Company

   

New

5

0

Renewal

62

18

Total

2,329

31

B. Statistics of Applications Approved by the SC – Q3 2007

i) Corporate Proposals

Table 6: Number of Corporate Proposals Approved

Type of proposals

Number of Corporate Proposals Approved

Q3 2007

Q2
2007

Q1- Q3
 2007

Q1 – Q3
2006

Initial public offering

3

3

14

23

Merger & Acquisition

5

4

14

16

Restructuring

9

11

Capital-raising

30

36

93

45

Private debt securities

29

20

71

74

Others

19

27

66

54

TOTAL

86

99

269

212

 

ii) Private Debt Securities

Table 7: Approved RM-denominated PDS Issues

Type

Q3 2007

Q2 2007

Q3 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

161

13,805.00

14

4,807.02

162

8,303.00

Sukuk

133

6,530.00

74

6,227.00

16

12,385.00

Combination5

2

9,500.00

Total

31

29,835.00

21

11,034.02

32

20,688.00

Include seven asset-backed securities (ABS) issues amounting to RM7.36 billion.
2  Include three ABS issues amounting to RM1.47 billion.
3 Include one ABS issue amounting to RM1.1 billion.
4 Include one ABS issue amounting to RM2.3 billion.
5 Combination of Conventional and Sukuk.

 

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

Type

Q3 2007

Q2 2007

Q3 2006

No. of offers

Size of offers
(‘mil)

No. of offers

Size of offers
(‘mil)

No. of offers

Size of offers
(‘mil)

Conventional

Sukuk

31,2

US$475.00

52

US$5,300.00

22

US$325.00

Combination3

12

US$3,000.00

Total

3

US$475.00

6

US$8,300.00

2

US$325.00

1   Offer  size for two issues was yet to be finalised at the point of approval.
2 Offer in Malaysia was part of global offering.
3 Combination of Conventional and Sukuk.

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

Type

Q3 2007

Q2 2007

Q3 2006

No. of offers

Size of offers
(‘mil)

No. of offers

Size of offers
(‘mil)

No. of offers

Size of offers
(‘mil)

Conventional

Sukuk

Total

 

Table 10: Approved PDS Issues by Cagamas Berhad

Type

Q3 2007

Q2 2007

Q3 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

550.00

Sukuk

3

400.00

3

1,000.00

Combination1

2

60,000.00

Total

6

60,600.00

5

1,550.00

1 Combination of Conventional and Sukuk.

 

Table 11: Approved Program Issuance of Structured Products

Type

Q3 2007

Q2 2007

Q3 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

15,000.00

5

50,150.00

1

10,000.00

Sukuk

2

10,000.00

2

2,000.00

1

1,000.00

Total

7

25,000.00

7

52,150.00

2

11,000.00

 

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

Q3   2007

Q2   2007

Q3   2006

Clearance of offer document

4

24

4

Application for waiver from mandatory – offer obligation

39

15

16

Other

93

70

34

Total

136

109

54

 

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

Q3
2007

Q2
2007

Q1 – Q3
2007

Q1 – Q3
2006

Establishment of new funds

44

44

109

70

Change in fund size

28

34

88

45

Exemption/variation from Guidelines1

5

10

26

11

Other applications 2

27

37

102

93

Total

104

125

325

219

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.