Kuala lumpur: Government-linked investment companies (GLICs) held about 45 percent of the shares in IJM Corporation Bhd (IJM Corp) as at January 30, 2026, according to the Ministry of Finance (MoF). It further noted that at present, none of the GLICs has a shareholding that constitutes a strategic controlling block over IJM Corp, which is currently the target of Sunway Bhd's takeover offer.
According to BERNAMA News Agency, the proposed transaction is in the form of a conditional voluntary takeover offer. This means the offer is made to all shareholders, including non-GLIC shareholders, on the same basis. Each shareholder is free to accept or reject the offer. The takeover notice specifies that the offer made on January 12, 2026, is conditional on Sunway holding in aggregate more than 50 percent of the voting shares in IJM Corp, apart from getting the approval of Sunway shareholders and other conditions.
The MoF explained that for the offer to succeed, the majority of shareholders must approve. This response was given to a question from Senator Datuk Rosni Sohar regarding the government's assessment of the proposed acquisition of IJM Corporation by Sunway, particularly from the perspective of the strategic importance of Bumiputera economic equity ownership, considering that nearly half of IJM's shares are owned by national investment institutions. The company controls strategic assets, including Kuantan Port and major national highways.
The MoF highlighted concerns regarding GLICs' interests in IJM, such as those held by the Employees Provident Fund (EPF), Permodalan Nasional Bhd (PNB), and the Retirement Fund (Incorporated) (KWAP). It addressed concerns about investment decision integrity and strategic asset ownership through Kuantan Port and the toll concessions. The ministry emphasized that GLICs are professional financial institutions bound by strict governance standards and clear investment mandates.
The government expressed confidence that these institutions would make decisions to protect the interests of millions of Malaysians who are their contributors. Regarding strategic asset ownership, the MoF stated that the government maintains direct control mechanisms, such as holding a golden share in Kuantan Port Consortium Sdn Bhd. Highway toll concessions remain subject to concession agreements and government regulations.
The MoF concluded that as the proposed takeover process is ongoing, the government is confident that the GLICs will evaluate this transaction independently and based on commercial principles, while considering the nation's strategic interests.