In its 2022 annual report released today, the SC said it declined to approve two of the 77 applications received in 2022.
The regulator said it cleared 18 offer documents involving a total offer value of RM2.1 billion, which averages out to RM116.93 million per offer.
This represented a decrease of RM6.49 billion against the previous year, which had 18 offers with RM8.59 billion total offer value, or RM477.17 million per offer.
Of the 18 offers cleared in 2022, three are related to schemes, which is the same as the previous year.
The SC said Cocoaland Holdings Bhd’s privatisation scheme by Fraser & Neave Holdings Bhd was the largest, valued at RM0.49 billion, or 23% of 2022’s total offer value.
Other notable offers include Mulpha International Bhd and Hextar Industries Bhd with offer values of RM0.36 billion and RM0.24 billion, respectively.
Of the 18 offers in 2022, 16 are related to Bursa Malaysia’s Main Market offeree companies, one to a LEAP Market offeree company and one was an unlisted public company.
“There were five privatisation exercises in 2022 from seven in 2021, four of which were listed on the Main Market and one on the LEAP Market.
“All five companies had since been successfully delisted from the stock exchange,” it added.
In terms of offer value, the consumer products and services sector was the highest at RM0.99 billion, or 47% of the total offer value, and involved five offeree companies, or 28% of the total number of offers.
The industrial product and services sector had a significant RM0.72 billion offer value, or 34% of the total offer value which involved six offeree companies, or 33% of the total number of offers.
Meanwhile, the SC also cleared 25 independent advice circulars comprising 18 related to takeover offers/schemes, and seven related to exemptions from the mandatory offer obligation following whitewash procedures.
Subsequently, there were three whitewash circulars cleared by the SC in 2022.
The SC also considered 11 applications seeking exemptions to undertake a mandatory takeover offer, of which six were related to whitewash exemptions.