KUALA LUMPUR: Sunway Bhd’s shareholders almost unanimously voted ‘yes’ for the company’s takeover offer for IJM Corp Bhd in an extraordinary general meeting (EGM) on Thursday.
Sunway Group’s founder and chairman, Tan Sri Dr Jeffrey Cheah, said 99.27 per cent of Sunway’s shareholders agreed to proceed with the takeover bid.
He said the group has also received a letter from the Malaysian Anti-Corruption Commission (MACC) clearing it of investigations into the takeover bid.
“We are not pushing IJM’s shareholders out. We are paying them 10 per cent in cash and 90 per cent in shares. These (IJM) shareholders, Bumiputera or otherwise, are still with us in a bigger ship in Sunway,” he told a press conference after the EGM.
Cheah said the offer price of RM3.15 per share is Sunway’s best on the table, and that it would walk away if IJM’s shareholders chose not to accept it.
Meanwhile, in a statement on Thursday, Sunway said analysts’ target prices for IJM, ranging from RM2.60 to RM3.84 as of March 25, 2026, are generally closer to current market levels, while some market participants view its offer as providing an immediate 32 per cent premium with potential upside.
It added that although IJM has plans to unlock value, including possible listings of its toll road assets and other subsidiaries, the success of these initiatives will depend on factors such as asset quality, market conditions, investor appetite and execution.
“Sunway firmly believes the proposed offer presents a compelling opportunity not only in terms of immediate value, but in terms of future potential under stronger and proven leadership,” it said.
In a Bursa Malaysia filing on Thursday, Sunway said the proposed conditional voluntary takeover to acquire all ordinary shares in IJM will be satisfied by 10 per cent in cash and 90 per cent in Sunway shares. – BERNAMA
