CAPITAL MARKET STATISTICS

SC Scorecard Q4 2007

&

Statistics of Submissions Approved by SC in Q4 2007

A. Corporate Submissions to the SC – Q4 2007

Table 1: Status of Substantive Applications1 as at 31 December 2007
 

Total

Balance brought forward from Q3 2007

52

Add: Applications received during Q4 2007

89

Add: Applications considered and deferred during Q2 2007 and resubmitted during Q4 2007

1

Total applications

142

Less: Applications Considered during Q4 20072

96

Less: Applications Withdrawn/Returned during Q4 2007

5

Balance carried forward to Q1 2008

41

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Table 2: Substantive Applications Considered/Withdrawn/Returned in Q4 2007

Type of proposals

Approved

Rejected1

Deferred

Withdrawn/
Returned

Total

Initial public offerings

  • Main Board
  • Second Board
  • MESDAQ

 

2
7
3

 



 



1

 



 

2
7
4

Merger & Acquisitions

6

1

7

Restructurings

1

1

Capital-raising

33

33

Private debt securities

 25

25

Others

17

5

22

TOTAL

93

2

1

5

101

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 merger & acquisitions were that the proposal did not fully comply with quantitative requirements of the Policies and Guidelines on Issue/Offer of Securities where both the applicant and the acquiree company had weak financial positions. The restructuring proposal was rejected on the grounds that the proposal was not sufficiently comprehensive and capable of resolving all financial problems faced by the applicants. Some other concerns were related to the viability of the applicant’s existing business and its poor cashflow position.

 

Table 3: Processing Turnaround Time for Substantive Applications Considered in Q4 2007

Approach

Within Time Charter1

Exceeds Time Charter2

Total3

No.

%

No.

%

No.

%

Assessment

23

100

0

0

23

100

Declaratory

68

94

4

6

72

100

TOTAL

91

96

4

4

95

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 the date of receipt of complete application to date of decision letter. In the case of large capitalisation IPOs, stand-alone rights proposal and private placements 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 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 Q4 2007

Type of
licence
application

Received

Withdrawn

Returned

Considered

Approved

Rejected

Pending

Representative

             

New

234

4

13

217

172

0

45

Renewal

1,818

1

1

1,816

1,810

0

6

Company

             

New

16

0

0

16

11

0

5

Renewal

78

1

1

76

72

0

4

Total

2,146

6

15

2,125

2,065

0

60

 

Table 5: Processing Turnaround Time for Licensing Applications in Q4 2007

Type of licence application

Within
time charter

Exceeds
time charter

Representative

   

New

119

53

Renewal

1,809

1

Company

   

New

11

0

Renewal

62

10

Total

2,001

64

B. Statistics of Applications Approved by the SC – Q4 2007

i) Corporate Proposals

Table 6: Number of Corporate Proposals Approved

Type of proposals

Number of Corporate Proposals Approved

Q4
2007

Q3
2007

Q1- Q4
2007

Q1 – Q4
2006

Initial public offerings

12

3

26

30

Merger & Acquisitions

6

5

20

20

Restructurings

11

2

Capital-raising

33

30

123

79

Private debt securities

25

29

102

93

Others

17

19

86

68

TOTAL

93

86

368

292

 

ii) Private Debt Securities

Table 7: Approved RM-denominated PDS Issues

Type

Q4 2007

Q3 2007

Q1-Q4 2007

Q1-Q4 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)

No. of issues

Size of issues
(RM’mil)

Conventional

101

6,230.00

152,9

13,005.00

603,9

36,700.03

624

36,143.80

Sukuk

15

15,132.24

135

6,530.00

526,9

31,802.24

717

42,218.87

Combination8

2

19,500.00

39

10,300.00

89

90,300.00

2

1,200.00

Total

27

40,862.24

31

29,835.00

120

158,802.27

135

79,562.67

1 Include two asset-backed securities (ABS) amounting to RM2.65 billion and one PDS issue by an agency of foreign government pursuant to Practice Note 2A (PN2A) amounting to RM3.6 billion.
2 Include seven ABS amounting to RM7.3 billion.
3 Include ten ABS amounting to RM10.2 billion.
4 Include five ABS amounting to RM12.7 billion.
5 Include one ABS amounting to RM1.1 billion.
6 Include two ABS amounting to RMRM3.4 billion.
7 Include two ABS amounting to RM470 million.
8 Combination of Conventional and Sukuk and multiple issuance with combined issue size.
9 Include adjustments to reflect updated figures for Q2 and Q3 2007.

 

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

Type

Q4 2007

Q3 2007

Q1-Q4 2007

Q1-Q4 2006

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

USD1,000.00

1

USD1,000.00

1

USD6,500.00

1

SGD3.19

Sukuk

2

USD2,825.00

31

USD475.00

91

USD8,312.00

5

USD1,280.00

Combination2

2

USD3,000.00

Total

3

USD3,825.00

3

USD475.00

12

USD12,312.00

6

USD7,780.00

1

SGD3.19

1 Include two issues which have yet to finalise the offer size at the point of approval.
2 Combination of Conventional and Sukuk.

 

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

Type

Q4 2007

Q3 2007

Q1-Q4 2007

Q1-Q4 2006

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

Sukuk

Total

1

USD400.00

 

Table 10: Approved Program Issuance of Structured Products

Type

Q4 2007

Q3 2007

Q1-Q4 2007

Q1-Q4 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)

No. of issues

Size of issues
(RM’mil)

Conventional

2

1,000.00

5

15,000.00

16

80,249.90

7

20,990.00

Sukuk

1

10,000.00

2

10,000.00

6

14,000.00

1

1,000.00

Total

3

11,000.00

7

25,000.00

22

94,249.90

8

21,990.00

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

Q4
2007

Q3  
2007

Q4  
2006

Clearance of offer document

14

4

6

Application for exemption from mandatory offer obligation

10

39

17

Others

46

93

30

Total

70

136

53

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

Q4
2007

Q3
2007

Q1 – Q4
2007

Q1-Q4
2004

Establishment of new funds

33

44

142

98

Change in fund size

33

28

121

64

Exemption/variation from Guidelines1

5

5

31

22

Other applications 2

26

27

128

116

Total

97

104

422

300

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.