PERMODALAN Nasional (PNB) has confirmed that it has yet to reach a decision on the voluntary general offer by Sunway to acquire its stake in IJM Corporation, saying the proposal is still under evaluation and will be assessed based on commercial merit.
In a statement issued to Bernama on Friday, the fund manager said it would consider the offer by taking into account a range of factors, including investment returns based on IJM’s intrinsic value and future prospects, its own cash requirements, as well as the estimated future value of the share exchange being proposed.
“The offer document has just been issued by Sunway to all IJM shareholders, while the independent adviser appointed by IJM’s board of directors is expected to issue their advice by March 16, 2026.
“The offer is open for acceptance until April 6, 2026, or on such other date as may be permitted under the Rules on Take-overs, Mergers and Compulsory Acquisitions,” PNB said.
PNB said the clarification was issued following queries over remarks made recently in Parliament by the Deputy Prime Minister, Fadillah Yusof, regarding Sunway’s voluntary general offer for IJM and PNB’s position as a minority shareholder.
“PNB would also like to emphasise that at present, PNB holds an interest of less than 13.5 per cent in IJM.
“Therefore, PNB does not have any influence over the final outcome of the takeover offer made to all IJM shareholders, and the offer will only succeed if more than 50 per cent of IJM shareholders accept the offer,” the statement said.
According to PNB, the proposed voluntary general offer will undergo a comprehensive internal evaluation before being deliberated by the PNB board’s investment committee, which will make the final decision.
“This is in line with PNB’s strict investment framework, guided by investment discipline and fiduciary responsibility, with a focus on long-term value creation for the benefit of all unitholders,” it said.
On January 12, Sunway proposed a conditional voluntary takeover offer to acquire all 3.51 billion IJM shares at RM3.15 per share, representing a total consideration of about RM11.0 billion. The offer is to be settled through a combination of cash and the issuance of new ordinary shares in Sunway.
On February 4, Fadillah said PNB would assess the offer based on commercial considerations, offer risks, governance, investment returns and Sunway’s strategic plans following the acquisition.
Any decision to accept or reject the proposal, he said, would be made independently and subject to PNB’s internal governance processes and approvals. - February 6, 2026
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