Petaling Jaya, Selangor, Malaysia, April 11, 2026 -- IJM Corporation Berhad (“IJM” or “the Company”) confirms that the voluntary takeover offer by Sunway Berhad (“Sunway”) has lapsed following the close of the acceptance period, as the acceptance condition was not fulfilled.
The Offer, announced on 12 January 2026 at an offer price of RM3.15 per share, did not achieve the required acceptance level of more than 50% of IJM’s voting shares. All shares tendered under the Offer will be returned to the respective shareholders in accordance with its terms.
The Board of Directors had, based on the Independent Adviser’s evaluation, previously concluded that the offer was not fair and not reasonable and had recommended that shareholders reject it.
Dato’ Lee Chun Fai, Group CEO & Managing Director of IJM said:
“With the offer now concluded, IJM moves forward with resolve, executing an enhanced strategy to deliver the value of its portfolio across the Group’s core businesses. Our priority now remains on execution and unlocking the value of the portfolio we have built.”
IJM has always been, and remains, a fundamentally strong company with a clear strategy and a resilient pipeline. Our shareholders have decided, and we respect the conviction they have placed in IJM’s longterm intrinsic value.”
IJM acknowledges the interest this exercise has generated among the investment community and thanks its shareholders for their continued engagement and considered assessment of the Offer.
At a glance
- Company
- IJM Corporation Berhad
- Announcement
- Acquisition
- Location
- Petaling Jaya, Selangor, Malaysia
Key figures
- Offer price per share
- RM3.15
- Required acceptance level
- more than 50% of IJM’s voting shares
- Order book
- RM17.3 billion
People
- Dato’ Lee Chun FaiGroup CEO & Managing Director
Looking ahead, IJM is confident to deliver against its strategic priorities across its construction orderbook, property development pipeline, infrastructure concession portfolio and ongoing overseas expansion.
The Company, underpinned by a record RM17.3 billion order book and a proven track record in advancing national infrastructure and driving economic development; remains well-positioned to capture sustained earnings contribution from assets transitioning through their development and operational cycles. This growth trajectory is further bolstered by its strategic investment properties and expanding international portfolio.
About IJM Corporation Berhad
IJM Corporation Berhad (“IJM”), formed in 1983, today ranks as one of Malaysia’s leading conglomerates with an international footprint forged by its four core businesses: construction, property development, industry (quarrying and the manufacture of building materials) and infrastructure concessions. IJM holds leading positions across all its business divisions. Its growth is the direct result of strong leadership, dedicated employees, financial prudence and commitment to good governance and quality.
The Group presently has a market capitalisation of around RM9.56 billion and as of June 2025, the Group employed around 3,600 employees and had total assets of RM22.3 billion.
For more information, visit www.ijm.com
Source: https://news.marketersmedia.com/ijm-affirms-shareholder-confidence-as-sunway-offer-lapses/89188442
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In brief
IJM Corporation Berhad says Sunway Berhad’s voluntary takeover offer has lapsed because the required acceptance threshold was not met by the end of the acceptance period. The offer, priced at RM3.15 per share, required acceptances for more than 50% of IJM’s voting shares. IJM says shares tendered will be returned to their owners under the offer terms. The company’s board had recommended rejection after an independent adviser found the offer unfair and unreasonable. Group CEO and Managing Director Dato’ Lee Chun Fai said IJM would focus on carrying out its strategy and developing value across its businesses. IJM also cited a RM17.3 billion order book and pointed to its construction, property, infrastructure concessions and international activities as areas supporting its strategic priorities.
Key takeaways
- Sunway’s takeover offer for IJM lapsed after it failed to meet the required acceptance condition.
- The offer price was RM3.15 per share, with acceptances required for more than 50% of IJM’s voting shares.
- IJM says tendered shares will be returned to shareholders under the offer terms.
- IJM’s board had recommended that shareholders reject the offer, citing an independent adviser’s assessment.
- IJM reported a RM17.3 billion order book and said it would focus on executing its strategy.
Earlier from IJM Corporation Berhad
- IJM Clarifies Media Reports and Reaffirms Board’s Position on Sunway Offer
- IJM Assures Stakeholders of Strong Governance and Continued Business Operations
- IJM releases financial results for period ended 30 September 2025
- IJM Construction awarded RM1.4 billion design-and-build contract for NPE 2
- IJM Construction awarded RM873.9 million M&E fit-out contract for Elmina hyperscale data centre
