KUALA LUMPUR: The Securities Commission (SC) cleared 18 offer documents involving a total offer value of RM2.1 billion in 2022, markedly down by RM6.49 billion from the previous year's RM8.59 billion.

The SC considered a total of 77 applications for take-over and mergers last year.

It declined to give its approval for two of the 77 applications.

Of the 18 offers, three offers were undertaken by way of schemes (2021: 3 schemes), the SC said in its 2022 Annual Report.

In 2022, the privatisation scheme of Cocoaland Holdings Bhd by Fraser & Neave Holdings Bhd was the largest at RM490 million, representing 23 per cent of the total offer value during the year.

Other notable offers in terms of offer value include Mulpha International Bhd and Hextar Industries Bhd with offer values of RM360 million and RM240 million respectively.

Of the 18 offers in 2022, 16 were in relation to offeree companies listed on the Main Market of Bursa Malaysia, one was in relation to an offeree company listed on the LEAP Market and one was in relation to an unlisted public company.

There were five privatisation exercises in 2022 (2021: 7 privatisation exercises), four of which were listed on the Main Market and one was listed on the LEAP Market.

All five companies had since been successfully delisted from the stock exchange, the report said.

The offer by Jardine Cycle & Carriage Ltd in relation to Cycle & Carriage Bintang Bhd was the offeror's third attempt to privatise the company, after the earlier attempts by way of a selective capital reduction and repayment exercise in 2020 and the subsequent voluntary offer in 2021.

Cycle & Carriage has since been delisted on Sept 19 2022.

In terms of sector, the consumer products and services sector was the highest with RM990 million in total offer value, representing 47 per cent of the total offer value and involved five offeree companies or 28 per cent of the total number of offers.

Another sector of significant interest was the industrial product and services sector with a total offer value of RM720 million, representing 34 per cent of the total offer value and involved six offeree companies or 33 per cent of the total number of offers.

https://www.nst.com.my/business/2023/03/893500/sc-clears-rm21bil-offer-documents-2022-down-rm859bil-2021