Kuala lumpur: Permodalan Nasional Bhd (PNB) will evaluate Sunway Bhd's voluntary general offer (VGO) for IJM Corporation Bhd with a focus on commercial considerations, offer risks, governance, investment returns, and Sunway's strategic plans following the acquisition.

According to BERNAMA News Agency, Deputy Prime Minister and Energy Transition and Water Transformation Minister Datuk Seri Fadillah Yusof stated that the offer was presented equally to all IJM shareholders, without any specific negotiations with shareholders like PNB. As a shareholder, PNB is considering the offer alongside other shareholders and will review it officially once the offer document is released.

Fadillah explained that PNB's assessment will include evaluating the offer's value in relation to intrinsic value, potential investment returns, and strategic plans post-acquisition, while also considering the associated risks and governance processes. This was conveyed during the winding up of the debate on the motion of thanks for the royal address by the Yang di-Pertuan Agong in the Dewan Rakyat.

The response was directed to a query from Wan Ahmad Fayhsal Wan Ahmad Kamal (PN-Machang) concerning Sunway's proposed takeover of IJM. On January 12, Sunway had put forward a conditional voluntary takeover offer to acquire all 3.51 billion shares in IJM at RM3.15 per share, amounting to a total consideration of approximately RM11.0 billion, to be settled through a mix of cash and newly issued Sunway shares.

Fadillah emphasized that PNB's decision to accept or reject the offer will be made independently, adhering to its governance processes and requiring internal approvals. He noted that Sunway's offer will be successful only if more than 50% of IJM's shareholders accept it. With PNB holding less than 13.5% of IJM shares, it lacks the influence to determine the outcome of Sunway's offer. This procedure aligns with standard capital market practices, where shareholders individually assess a general offer.