THE Employees Provident Fund (EPF) has reportedly continued to increase its stake in Sunway Berhad after the company announced a conditional takeover bid worth RM11 billion for IJM Corporation Berhad.
According to a Bursa Malaysia filing, EPF collected 44.15 million Sunway shares in less than a month between January 13 and February 11, continuing the accumulation that began at the end of last year.
Since the beginning of this year, EPF has added 64.07 million shares, with more than half acquired after Sunway officially announced its takeover bid for IJM on January 12.
Subsequently, on January 13, EPF bought more than 10 million shares, the largest single-day purchase of Sunway shares so far this year.
The counter closed half a sen, or 0.89 per cent, up to RM5.65 on the day.
Of the 22.3 million shares traded, almost half were linked to EPF, pushing the counter's trading volume to its highest level in almost two months.
For the record, EPF started 2026 with an 8.59 per cent stake in Sunway, equivalent to 580.5 million shares, and as of February 11, according to the latest disclosed transaction date, its shareholding had increased to 9.54 per cent or 644.61 million shares.
Based on Bursa Marketplace data, the enlarged holding is worth about RM3.65 billion, and the EPF is the third-largest institutional shareholder in the multi-sector conglomerate.
Sunway shares were last traded at RM5.77, valuing the company at around RM39 billion, and the shares have reportedly increased by about two per cent since the beginning of the year.
Meanwhile, Sunway's largest shareholders are led by Sungei Way Corp Sdn Bhd and Jef-San Enterprise Sdn Bhd, holding 46.89 per cent and 9.43 per cent of the shares respectively.
Both are owned by Sunway Group Founder and Chairman, Tan Sri Dr Jeffrey Cheah and family.
Separately, the filing shows that EPF also increased its stake in IJM from 18.43 per cent to 20.48 per cent by acquiring 71.84 million shares after the acquisition announcement.
Following this, various research firms gave different views on the offer.
Hong Leong Investment Bank Bhd and MBSB Research recommended that shareholders accept Sunway's offer on the grounds of fair valuation and potential strategic benefits from the merger.
However, Kenanga Research advised investors to reject the offer, stating that the price offered did not reflect the true value of IJM.
IJM shareholders have until April 6 to make a decision on the offer, while the acquisition is expected to be finalised by the third quarter of 2026, subject to regulatory approvals and fulfilment of conditions. – February 19, 2026
