SC Approves 29 IPO As Of September, Says Najib

By Tuesday November 18th, 2008 No Comments

KUALA LUMPUR, Nov 18 (Bernama) — The number of initial public offering (IPO) approved by the Securities Commission (SC) as of September this year increased to 29, said Deputy Prime Minister Datuk Seri Najib Tun Razak.

Eleven of the IPOs were approved during the third quarter of the year.

“Out of the total, 13 were Main Board companies compared with just nine last year,” he said at the Kuala Lumpur Islamic Finance Forum 2008 here, Tuesday.

Significantly, six out of the 13 approved Main Board IPOs were by highly capitalised companies with at least RM500 million market capitalisation.

This shows that the Malaysian capital market has remained attractive for IPOs despite the global financial turmoil started by the subprime crisis, and that its fundamentals remain strong, he said.

Najib, who is also Finance Minister said both Bank Negara Malaysia and the SC as the regulatory bodies will continue to ensure that the regulatory framework remained responsive to market conditions.

It will also maintain appropriate incentives for prudent risk management on the part of the financial institutions to maintain the orderly functioning of the intermediation of the financial system and market, he added.

Source : Bernama

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