Sunway EGM votes to proceed with IJM takeover

2026-03-26 - 09:40

On Jan 12, Sunway Bhd made a conditional voluntary takeover offer for all 3.51 billion shares in IJM Corporation Bhd at RM3.15 per share. (Sunway Pic) PETALING JAYA: Sunway Bhd shareholders voted to proceed with the group’s proposed takeover of IJM Corporation Bhd at an extraordinary general meeting today, founder and chairman Jeffrey Cheah said. Cheah said virtually all present at the meeting voted in favour of maintaining the offer. He also said the group had received a letter from the Malaysian Anti-Corruption Commission (MACC) clearing the board of any wrongdoing in its investigation into the proposed deal. On Jan 12, Sunway Bhd made a conditional voluntary takeover offer for all 3.51 billion shares in IJM Corporation Bhd at RM3.15 per share, with an acceptance deadline of April 6. Earlier this month, Permodalan Nasional Bhd (PNB), IJM’s second-largest shareholder, decided not to accept Sunway’s offer for its 13.5% stake in the conglomerate. Sunway needs to obtain 50% plus one share equity interest in IJM for its takeover offer to take effect. However, Sunway requires 90% shareholder approval to compulsorily delist IJM and take it private — a threshold unattainable with PNB rejecting the deal. MACC chief commissioner Azam Baki had said that the anti-graft agency is investigating the proposed takeover, focusing on possible bribery and governance issues.