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) today. Sunway Group founder and chairman Tan Sri Dr Jeffrey Cheah announced that 99.27 per cent of Sunway's shareholders agreed to proceed with the takeover bid.
According to BERNAMA News Agency, Cheah stated that the group has also received a letter from the Malaysian Anti-Corruption Commission (MACC), which cleared it of investigations into the takeover bid. Cheah emphasized that the acquisition is not an attempt to exclude IJM shareholders but rather an opportunity for them to remain stakeholders in a larger entity. He assured that IJM's shareholders would receive 10 per cent of the payment in cash and 90 per cent in shares, stating, "These (IJM) shareholders, Bumiputera or otherwise, are still with us in a bigger ship in Sunway."
Cheah further explained that the offer price of RM3.15 per share is the best offer Sunway has on the table and indicated that the company would withdraw the offer if IJM's shareholders chose not to accept it.
Meanwhile, in a statement released today, Sunway highlighted that analysts' target prices for IJM, ranging from RM2.60 to RM3.84 as of March 25, 2026, are generally closer to current market levels. The offer is seen by some market participants as providing an immediate 32 per cent premium with potential for future gains.
Sunway emphasized that, although IJM has plans to unlock value through 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 believes that their proposal offers a compelling opportunity in terms of both immediate value and future potential under stronger leadership.
In a filing with Bursa Malaysia today, Sunway outlined that the proposed conditional voluntary takeover to acquire all ordinary shares in IJM will be settled with 10 per cent in cash and 90 per cent in Sunway shares.