CAPITAL MARKET STATISTICS

SC Scorecard Q3 2008


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Statistics of Submissions Approved by SC in Q3 2008

A. Corporate Submissions to the SC – Q3 2008

Table 1: Status of Substantive Applications as at 30 September 2008

Total

Balance brought forward from Q2 2008

         37

Add: Applications received during Q3 20081

53

Add: Applications resubmitted as at end of Q3 2008

1

Total applications

91

Less: Applications Considered during Q3 2008

66

Less: Applications Withdrawn/Returned during Q3 2008

Balance carried forward to Q4 2008

25

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

Table 2: Substantive Applications Considered/Withdrawn/Returned in Q3 2008

Type of proposals

Approved

Rejected

Deferred

Withdrawn/
Returned

Total

Initial public offerings

  • Main Board
  • Second Board
  • MESDAQ
  •  

    5
    3
    3

     



     



     



     

    5
    3
    3

    Mergers & Acquisitions

    8

    1

    9

    Restructurings

    1

    1

    Equity capital-raising

    9

    9

    Private debt securities

    23

    23

    Others

    13

    13

    TOTAL

    65

    1

    66

    Table 3: Processing Turnaround Time for Substantive Applications Considered in Q3 2008

    Substantive Applications

    Within Time Charter1

    Exceeds Time Charter2

    Total

    No.

    %

    No.

    %

    No.

    %

    61

    92

    5

    8

    66

    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 working days are for applications involving large capitalisation IPOs and equity raising proposals. The 28 and 14 working days each are for Asset-Backed and private debt securities respectively. For 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 times are computed from the date of receipt of complete application to date of decision letter.
    2 Main reasons for exceeding time charter include incomplete submissions from the applicants and/or advisers and SC’s request for further clarification on certain pertinent issues.

    Table 4: Status of Licensing Applications in Q3 2008

    Type of licence application

    Received

    Withdrawn

    Returned

    Considered

    Approved

    Rejected

    Pending

    Representative

     

     

     

     

     

     

    New

    350

    9

    28

    313

    227

    0

    86

    Renewal

    2,298

    1

    3

    2,294

    2,214

    0

    80

    Corporation

     

     

     

     

     

     

    New

    21

    0

    0

    21

    17

    0

    4

    Renewal

    75

    1

    1

    73

    68

    0

    5

    Individual

     

     

     

     

     

     

     

    New

    2

    0

    0

    2

    1

    0

    1

    Renewal

    1

    0

    0

    1

    1

    0

    0

    Total

    2,747

    11

    32

    2,704

    2,528

    0

    176

    Table 5: Processing Turnaround Time for Licensing Applications in Q3 2008

    Type of licence application

    Within
    time charter

    Exceeds
    time charter

    Total

    %

    Total

    %

    Representative

     

     

     

     

    New

    190

    83.70

    37

    16.3

    Renewal

    2,214

    100

    0

    0

    Corporation

     

     

     

     

    New

    17

    100

    0

    0

    Renewal

    56

    82.35

    12

    17.65

    Individual

     

     

     

     

    New

    1

    100

    0

    0

    Renewal

    1

    100

    0

    0

    Total

    2,479 (98.06%)

     

    49 (1.94%)

    B. Statistics of Applications Approved by the SC – Q3 2008

    i) Corporate Proposals

    Table 6: Number of Corporate Proposals Approved

    Type of Proposals

    No. of Corporate Proposals Approved

    Q3 2008

    Q2 2008

    Q3 2007

    Initial public offerings

    11

    5

    3

    Mergers & Acquisitions

    8

    2

    5

    Restructurings

    1

    6

    Equity capital-raising

    9

    8

    30

    Private debt securities

    23

    21

    29

    Others

    13

    10

    19

    TOTAL

    65

    52

    86

    ii) Private Debt Securities

    Table 7: Approved RM-denominated PDS Issues

    Type

    Q3 2008

    Q2 2008

    Q3 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

    112

    8,574.00

    183

    30,391.72

    154

    13,005.00

    Sukuk

    14

    6,875.00

    7

    5,870.00

    135

    6,530.00

    Combination1

                –  

    3

    10,300.00

    Total

    25

    15,449.00

    25

    36,261.72

    31

    29,835.00

    1 Combination of Conventional and Sukuk.
    2 Include one asset-backed securities (ABS) issue amounting to RM1.5 billion.
    3 Include one ABS issue amounting to RM1 billion, one multi-currency PDS issue amounting to RM4 billion, one PDS issue by an agency of a foreign government pursuant to Practice Note 2A (PN2A) amounting to RM3.5 billion and two PDS issues by foreign multinational corporations pursuant to Practice Note 2B (PN2B) amounting to RM5 billion.
    4 Include seven ABS issues amounting to RM7.3 billion.
    5 Include one ABS issue amounting to RM1.1 billion.

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

    Type

    Q3 2008

    Q2 2008

    Q3 2007

    No. of offers

    Size of offers
    (USD’mil)

    No. of offers

    No. of offers

    Size of offers
    (USD’mil)

    No. of offers

    Conventional

    Sukuk

    31

    475.00

    Combination

    Total

    3

    475.00

    1 Offers in Malaysia were part of global offering.

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

    Type

    Q3 2008

    Q2 2008

    Q3 2007

    No. of offers

    Size of offers
    (USD’mil)

    No. of offers

    Size of offers
    (USD’mil)

    No. of offers

    Size of offers
    (USD’mil)

    Conventional

    11

    1,000.00

    Sukuk

    Total

    1

    1,000.00

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

    Table 10: Approved Program Issuance of Structured Products

    Type

    Q3 2008

    Q2 2008

    Q3 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

    3

    15,000.00

    2

    4,000.00

    5

    15,000.00

    Sukuk

    15,000.00

    2

    10,000.00

    Total

    3

    15,000.00

    2

    4,000.00

    7

    25,000.00

    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

    Q3 2008

    Q2 2008

    Q3 2007

    Clearance of offer document

    16

    8

    4

    Application for exemption from mandatory offer obligation

    21

    21

    39

    Others

    55

    45

    93

    Total

    92

    74

    136

    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

    Q3
    2008

    Q2
    2008

    Q3
    2007

    Establishment of new funds

    42

    31

    44

    Change in fund size

    15

    12

    28

    Exemption/variation from Guidelines1

    9

    2

    5

    Other applications 2

    19

    26

    27

    Total

    85

    71

    104

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