CAPITAL MARKET STATISTICS

SC Scorecard Quarter 4 2006
&
Statistics of Submissions Approved by SC in Q4 2006

A. Corporate Submissions to the SC — Q4 2006

Table 1: Status of Submissions as at 31 December 2006

 

Total

Submissions brought forward from Q3 2006

42

Submissions received in Q4 2006

89

Total submissions1

131

Less submissions considered in Q4 2006

  (83)

Less appeal cases considered in Q4 2006

  (2)

Less submissions withdrawn/returned in Q4 2006

(3)

Submissions pending consideration as at 31 December 2006

43

1 Excludes other applications such as extension of time, appeal against conditions, waiver, etc.

Table 2: Submissions Considered/Withdrawn/Returned in Q4 2006

Type of Proposals

Approved

Rejected1

Deferred Withdrawn/
Returned

Total

Initial public offering

7

3

10

Restructuring

2

12

3

Acquisition

2

2

Capital raising4

28

13

1

30

Private debt securities

19

1

20

Others5

22

1

23

Total

80

5

3

88

1  In all rejection cases, reasons for rejection were clearly communicated to applicants and advisers through formal decision letters followed up by post-decision meetings with SC.
2 An appeal case and the main reason was the submission failed to address the distressed financial position of the company.
An appeal case and the main reason was concerns on poor performance in profitability and cash flow constraints.
4  Includes equity issues, private placements and restricted issues.
5 Includes transfers to Main Board, disposals of assets, share splits and corporate exercises by unlisted companies.


Table 3: Average Processing Time for Submissions Considered in Q4 2006

Submissions

Submissions
considered/withdrawn
/returned

Average time from
submission to decision1

     

   Assessment approach

22

2.6 months

   Declaratory approach

61

15 days

Sub-total

83

 

   Appeal cases

2

 

   Withdrawn/returned

3

 
     

Total

88

 
1 From the date of receipt of complete submission to date of decision letter.

 

Table 4: Processing Turnaround Time for Submissions Considered in Q4 2006

Submissions considered in Q4 20061

Within
time charter2

Exceeds
 time charter3

Total

  Assessment approach

19

3

22

  Declaratory approach

51

10

61

Total

70

13

83

1 Excludes appeal cases.
2 SC time charter is 3 months for submissions under the assessment approach and 21 and 14 working days for equity and private debt securities respectively under the declaratory approach, computed from date of receipt of complete submission to date of decision letter. In the case of large capitalisation IPO and stand–alone rights proposal, the time charter is one month and 5 working days respectively.
3 Main reasons being applicants and advisers’ delayed replies to SC queries and matters subject to investigation.

Table 5: Submissions Pending Consideration as at 31 December 2006

Submissions

Within
time charter1

Exceeds
time charter2

Total

   Assessment approach

25

1

26

   Declaratory approach

17

17

Total

42

1

43

1   SC time charter is 3 months for submissions under the assessment approach and 21 and 14 working days for equity and private debt securities respectively under the declaratory approach, computed from date of receipt of complete submission to date of decision letter. In the case of large capitalisation IPO and stand–alone rights proposal, the time charter is one month and 5 working days respectively.
2 Pending investigation in relation to corporate governance issues.

 

B. Licensing Submissions to the SC – Q4 2006

Table 6: Status of Licensing Applications Received in Q4 2006

Type of licence application

Received

Withdrawn

Returned

Considered

Approved

Rejected

Pending

Representative

             

  New

490

20

136

334

314

0

20

  Renewal

1952

11

58

1883

1883

0

0

Company

             

  New

13

0

0

13

9

0

4

  Renewal

134

6

42

86

81

0

5

Total

2,589

37

236

2,316

2,287

0

29

 

Table 7: Processing Turnaround Time for Licensing Applications Considered in Q4 2006

Type of licence application

Within
time charter

Exceeds
time charter

Total

Total

Representative

   

  New

297

17

  Renewal

1883

0

Company

   

  New

9

0

  Renewal

79

2

Total

2,268

19

SC time charter is 14 days for new applications and renewals of representative licences; 42 days for new applications of company licences; and 21 days for renewals of company licences. 

C. Statistics of Submissions Approved by SC — Q4 2006

i) Corporate Proposals

Table 8: Number of Corporate Proposals Approved

Type

Number of Corporate Proposals Approved

Q4
2006

Q3
2006

Q1 – Q4
2006

Q1 – Q4
2005

New listings

7

5

30

61

Capital-raising exercises 1

47

45

166

147

Acquisitions

2

3

18

15

Restructuring

2

2

6

Share splits

3

3

6

10

Others 2

19

14

70

31

Total

80

70

292

270

Includes equity issues, private placements, restricted issues, issues of debt securities and convertible loan stocks.
2  Includes transfers to Main Board, disposals of assets and corporate exercises by unlisted companies.

 

ii) Private Debt Securities

Table 9: Approved RM-denominated PDS Issues

Type

Q4 2006

Q3 2006

Q1-Q4 2006

Q1-Q4 2005

No. of issues

Size of issues
(RM’mil)

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

12

13,525.00

161

8,303.00

523

33,813.80

495

19,345.62

Sukuk

15

11,700.00

162

12,385.00

644

42,018.87

776

43,317.00

Total

27

25,225.00

32

20,688.00

116

75,832.67

126

62,662.62

1 Include three asset-backed securities (ABS) amounting to RM1.47 billion.
2 Include one issue of negotiable certificate of deposits amounting to RM2 billion.
3  Include five ABS amounting to RM12.7 billion.
4 Include two ABS amounting to RM470 million and one issue of negotiable certificate of deposits amounting to RM2 billion.
5  Include five ABS amounting to RM4.4 billion and one issue of negotiable certificate of deposits amounting to RM2 billion.
Include three ABS amounting to RM5.4 billion and one Sukuk issued by a Multilateral Development Bank amounting to RM2 billion.

 

Table 10: Approved Foreign Currency-denominated PDS Issues by Foreign Corporations

Type

Q4
2006

Q3
2006

Q1-Q4
2006

Q1-Q4
2005

No. of offers

Size of offers
(‘mil)

No. of offers

Size of offers
(‘mil)

No. of offers

Size of offers
(‘mil)

No. of offers

Size of
offers
(‘mil)

Conventional

1

JPY30,000.00

1

USD6,500.00

1

USD1,500.00

1

JPY30,000.00

1

GBP20,000.00

Sukuk

21

22

USD100.00

53

USD300.00

2

USD1,500.00

1 Offer size are yet to be finalised at the point of approval.
2 Include one offer which has yet to finalise the offer size at the point of approval.
3 Include three offers which have yet to finalise the offer size at the point of approval.

Table 11: Approved Foreign Currency-denominated PDS Issues by Malaysian Issuers

Type

Q4 2006

Q3 2006

Q1-Q4 2006

Q1-Q4 2005

No. of offers

Size of offers
(‘mil)

No. of offers

Size of offers
(‘mil)

No. of offers

Size of offers
(‘mil)

No. of offers

Size of

offers
(‘mil)

Conventional

1

USD400.00

2

USD600.00

Sukuk

1

USD500.00

Total

1

USD400.00

3

USD1,100.00

 

Table 12: Approved PDS Issues by Cagamas Berhad

Type

Q4 2006

Q3 2006

Q1-Q4 2006

Q1-Q4 2005

No. of issues

Size of issues
(RM mil)

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

14

4,430.00

7

1,640.00

Sukuk

3

1,000.00

13

3,500.00

5

900.00

Total

1

200.00

5

1,550.00

27

7,930.00

12

2,540.00

 

Table 13: Approved Program Issuance of Structured Products

Type

Q4 2006

Q3 2006

Q1-Q4 2006

Q1-Q4 2005

No. of issues

Size of issues
(RM mil)

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

6,800.00

1

10,000.00

7

20,990.00

20

43,549.80

Sukuk

1

1,000.00

1

1,000.00

Total

2

6,800.00

2

11,000.00

8

21,990.00

20

43,549.80

iii) Take-overs and Mergers

Table 14: Number of Approved Submissions Relating to the Malaysian Code on Take-overs and Mergers

Type

Number of Submissions Approved

Q4 2006

Q3 2006

Q4 2005

Clearance of offer document

6

4

7

Application for waiver from mandatory offer obligation

17

16

10

Others

30

34

36

Total

53

54

53


iv) Unit Trusts and Other Collective Investment Schemes

Table 15: Number of Submissions Relating to Unit Trust and Other Collective Investment Schemes Approved

Type

Number of Submissions Approved

Q4
2006

Q3

2006

Q1 – Q4
2006

Q1-Q4

2005

Establishment of new funds

27

33

98

59

Change in fund size

19

10

64

44

Exemption/variation from Guidelines1

11

5

22

22

Other applications 2

23

33

116

117

Total

80

81

300

242

1 Excluding applications submitted through the establishment of new schemes.
Including amongst others applications for extension of time, change of fund name, investment in foreign market and application for appointment of institutional agents.