SUNWAY’S conditional voluntary takeover offer for IJM Corp Bhd has opened for acceptance, marking a key step in what could become one of Malaysia’s largest corporate acquisitions in recent years.
In a filing with Bursa Malaysia, Sunway said IJM shareholders may tender their shares from today until 5pm on April 6. The offer covers the entire 3.51 billion issued shares of IJM.
Sunway also disclosed that its indirect wholly owned subsidiary, Fortuna Gembira Enterpris, has been nominated as the recipient of the IJM shares tendered under the proposed acquisition.
“The offer is conditional upon Sunway having received, on or before the closing date, valid acceptances resulting in Sunway holding in aggregate more than 50 per cent of the voting shares in IJM,” it said in a stock exchange filing.
The takeover proposal was first announced on January 12, when Sunway unveiled plans to acquire all outstanding IJM shares at an offer price of RM3.15 per share.
“Assuming full acceptance of the proposed offer and no adjustments are made to the offer price, the total consideration for the proposed offer will be approximately RM11 billion, which will be satisfied via a combination of cash and the issuance of new ordinary shares in Sunway,” it said previously.
Sunway added that the proposed offer is expected to be completed by the third quarter of 2026, subject to the fulfilment of conditions and regulatory approvals.
Market reaction was modest at midday trading, with Sunway shares rising one sen to RM5.77, while IJM gained two sen to RM2.70.
Trading volumes stood at 6.68 million shares for Sunway and 9.85 million shares for IJM at the lunch break. - February 3, 2026
