Kuala lumpur: Sunway Bhd has proposed a conditional voluntary takeover offer to acquire the entire 3.51 billion shares in IJM Corp Bhd at an offer price of RM3.15 per share. Sunway announced in a Bursa Malaysia filing that Maybank Investment Bank Bhd, acting on its behalf, had served a notice of the conditional voluntary takeover offer to IJM Corp's board of directors, expressing its intention to acquire the entire equity interest at the proposed price.
According to BERNAMA News Agency, Sunway may nominate a wholly owned subsidiary as the recipient of the offer shares. "Assuming full acceptance of the proposed offer and no adjustments to the offer price, the total consideration will be approximately RM11.0 billion, satisfied via a combination of cash and the issuance of new ordinary shares in Sunway," the company stated. Sunway anticipates completing the proposed offer by the third quarter of 2026, barring any unforeseen circumstances.
The proposed offer is conditional upon Sunway receiving valid acceptances, resulting in Sunway holding more than 50 percent of IJM Corp's voting shares. Sunway indicated it might seek to delist IJM Corp via available legal routes, with the decision contingent on circumstances at the relevant time. The completion of the proposed offer would establish an enlarged conglomerate involved in property development and construction in Malaysia, based on revenue and asset base.
Sunway believes it will be able to consolidate the financial performance of the IJM Group and expand the business activities of Sunway and its subsidiaries. Although IJM Corp will be maintained as a separate subsidiary, Sunway plans to form an integration steering committee to review the business operations and licensing requirements of the enlarged Sunway Group.
Sunway emphasized that it has no current plans to introduce major structural changes, or dispose of major assets within the IJM Group. However, re-deployment or disposal of non-core assets may occur as part of business rationalization efforts to improve resource utilization and extract synergistic benefits. Detailed plans for IJM Group will be finalized after a thorough review of its financial position and operations upon the successful completion of the proposed offer.
The company assured that there are no current plans to dismiss or make redundant employees of the IJM Group as a direct consequence of this proposed offer.