CAPITAL MARKET STATISTICS
SC Scorecard Q1 2008
&
Statistics of Submissions Approved by SC in Q1 2008
A. Corporate Submissions to the SC – Q1 2008
Table 1: Status of Substantive Applications1 as at 31 March 2008
Total |
|
Balance brought forward from Q4 2007 |
41 |
Add: Applications received during Q1 2008 |
75 |
Add: Applications deferred and resubmitted during Q1 2008 |
3 |
Total applications |
119 |
Less: Applications Considered during Q1 20082 |
90 |
Less: Applications Withdrawn/Returned during Q1 2008 |
2 |
Balance carried forward to Q2 2008 |
27 |
| 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Table 2: Substantive Applications Considered/Withdrawn/Returned in Q1 2008
Type of proposals |
Approved |
Rejected1 |
Deferred |
Withdrawn/ |
Total |
Initial public offerings
|
6 |
- |
- |
- |
6 |
Mergers & Acquisitions |
8 |
- |
- |
- |
8 |
Restructurings |
2 |
- |
- |
1 |
3 |
Capital-raising |
21 |
- |
- |
- |
21 |
Private debt securities |
28 |
- |
- |
1 |
29 |
Others |
16 |
- |
- |
- |
16 |
TOTAL |
88 |
1 |
1 |
2 |
92 |
| 1 | For the rejection case, grounds for rejection were clearly communicated to applicant and adviser through formal decision letter followed by a post-decision meeting with the SC. The main grounds for rejection of the initial public offering were the concerns on the applicant’s growth prospects and its high dependency on a few selected customers. |
Table 3: Processing Turnaround Time for Substantive Applications Considered in Q1 2008
Substantive Applications |
Within Time Charter1 |
Exceeds Time Charter2 |
Total3 |
|||
No. |
% |
No. |
% |
No. |
% |
|
85 |
96 |
4 |
4 |
89 |
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 and 28/14 working days are for applications involving large capitalisation IPOs and equity, and private debt securities respectively. For a 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 time are computed from the date of receipt of complete application to date of decision letter. |
| 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 Q1 2008
Type of licence application |
Received |
Withdrawn |
Returned |
Considered |
Approved |
Rejected |
Pending |
Representative |
|||||||
New |
200 |
2 |
33 |
165 |
126 |
0 |
39 |
Renewal |
1,710 |
1 |
6 |
1,703 |
1,580 |
0 |
123 |
Corporation |
|||||||
New |
6 |
0 |
0 |
6 |
3 |
0 |
3 |
Renewal |
38 |
1 |
1 |
36 |
31 |
0 |
5 |
Individual |
|||||||
New |
1 |
0 |
0 |
1 |
0 |
0 |
1 |
Renewal |
3 |
0 |
0 |
3 |
2 |
0 |
1 |
Total |
1,958 |
4 |
40 |
1,914 |
1,742 |
0 |
172 |
Table 5: Processing Turnaround Time for Licensing Applications in Q1 2008
Type of licence application |
Within |
Exceeds |
||
Total |
% |
Total |
% |
|
Representative |
||||
New |
113 |
89.68 |
13 |
10.32 |
Renewal |
1,572 |
99.49 |
8 |
0.51 |
Corporation |
||||
New |
3 |
100 |
0 |
0 |
Renewal |
30 |
96.77 |
1 |
3.23 |
Individual |
||||
New |
0 |
0 |
0 |
0 |
Renewal |
2 |
100 |
0 |
0 |
Total |
1,720 (98.73%) |
22 (1.27%) |
||
B. Statistics of Applications Approved by the SC – Q1 2008
i) Corporate Proposals
Table 6: Number of Corporate Proposals Approved
Type of Proposals |
No. of Corporate Proposals Approved |
||
Q1 2008 |
Q4 2007 |
Q1 2007 |
|
Initial public offering |
13 |
12 |
8 |
Merger & Acquisition |
8 |
6 |
5 |
Restructuring |
2 |
- |
2 |
Capital-raising |
21 |
33 |
27 |
Private debt securities |
28 |
25 |
22 |
Others |
16 |
17 |
20 |
TOTAL |
88 |
93 |
84 |
ii) Private Debt Securities
Table 7: Approved RM-denominated PDS Issues
Type |
Q1 2008 |
Q4 2007 |
Q1 2007 |
|||
No. of issues |
Size of issues |
No. of issues |
Size of issues |
No. of issues |
Size of issues |
|
Conventional |
141 |
26,465.00 |
103 |
6,230.00 |
204 |
12,458.01 |
Sukuk |
13 |
5,850.00 |
15 |
15,132.24 |
16 |
4,113.00 |
Combination |
22 |
6,000.00 |
2 |
19,500.00 |
- |
- |
Total |
29 |
38,315.00 |
27 |
40,862.24 |
36 |
16,571.01 |
| 1 | Includes one asset-backed securities (ABS) amounting to RM650 million, two PDS issues by multilateral development banks/multilateral financial institutions pursuant to Practice Note 2 (PN2) amounting RM7.8 billion, one PDS issue by an agency of a foreign government pursuant to Practice Note 2A (PN2A) amounting to RM1.35 billion and four PDS issues by foreign multinational corporations pursuant to Practice Note 2B (PN2B) amounting to RM9 billion. |
| 2 | PDS issues by agencies of foreign government pursuant to PN2A. |
| 3 | Includes two ABS amounting to RM2.65 billion and one PDS issue by an agency of foreign government pursuant to PN2A amounting to RM3.6 billion. |
| 4 | Includes one ABS amounting to RM198 million. |
Table 8: Approved Foreign Currency-denominated PDS Issues by Foreign Corporations
Type |
Q1 2008 |
Q4 2007 |
Q1 2007 |
|||
No. of offers |
Size of offers |
No. of offers |
Size of offers |
No. of offers |
Size of offers |
|
Conventional |
- |
- |
11 |
USD1,000.00 |
12 |
SGD3.19 |
Sukuk |
11 |
USD5,000.00 |
21 |
USD2,825.00 |
- |
- |
Combination |
- |
- |
- |
- |
- |
- |
Total |
1 |
USD5,000.00 |
3 |
USD3,825.00 |
1 |
SGD3.19 |
| 1 | Part of global offering. |
| 2 | Offered as a settlement mode under a proposed acquisition. |
Table 9: Approved Foreign Currency-denominated PDS Issues by Malaysian Issuers
Type |
Q1 2008 |
Q4 2007 |
Q1 2007 |
|||
No. of offers |
Size of offers |
No. of offers |
Size of offers |
No. of offers |
Size of offers |
|
Conventional |
21 |
USD300.00 |
- |
- |
- |
- |
SGD425.00 |
||||||
Sukuk |
- |
- |
- |
- |
- |
- |
Total |
2 |
USD300.00 |
- |
- |
- |
- |
SGD425.00 |
||||||
| 1 | PDS issues by a local issuer pursuant to Practice Note 1 (PN1). |
Table 10: Approved Program Issuance of Structured Products
Type |
Q1 2008 |
Q4 2007 |
Q1 2007 |
|||
No. of issues |
Size of issues |
No. of issues |
Size of issues |
No. of issues |
Size of issues |
|
Conventional |
1 |
5,000.00 |
2 |
1,000.00 |
4 |
5,099.90 |
Sukuk |
- |
- |
1 |
10,000.00 |
1 |
1,000.00 |
Total |
1 |
5,000.00 |
3 |
11,000.00 |
5 |
6,099.90 |
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 |
||
Q1 |
Q4 |
Q1 |
|
Clearance of offer document |
7 |
14 |
11 |
Application for exemption from mandatory offer obligation |
20 |
10 |
30 |
Others |
51 |
46 |
45 |
| Total | 78 |
70 |
86 |
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 |
||
Q1 |
Q4 |
Q1 |
|
Establishment of new funds |
301 |
33 |
21 |
Increase in fund size |
6 |
33 |
26 |
Exemption/variation from Guidelines 2 |
4 |
5 |
11 |
Other applications 3 |
15 |
26 |
38 |
Total |
55 |
97 |
96 |
| 1 | The approval of new funds comprised 24 establishment of a new unit trust schemes, 1 each for establishment of closed-end-fund, establishment of unlisted real estate investment trust and establishment of exchange traded fund; and 3 establishment of restricted investment schemes. |
| 2 | Excluding applications submitted through the establishment of new schemes. |
| 3 | Including amongst others applications for extension of time, change of trustee and change of fund name. |
