Federal Territory of Kuala Lumpur, Malaysia, April 4, 2026 -- IJM Corporation Berhad (“IJM” or “the Company”) refers to the recent media reports and public comments by representatives of Sunway Berhad (“Sunway”) in relation to its conditional voluntary takeover offer (“VTO” or “the Offer”) for IJM, and wishes to provide clarification.
Sequence of events leading up to the VTO announcement on 12 January 2026
IJM refers to the following statement reported in the New Straits Times on 2 April:
“After several weeks of deliberation with the regulator, Sunway formally tabled its offer on Jan 9. Cheah noted that he had personally reached out to IJM chairman Tan Sri Krishnan Tan and group chief executive officer Datuk Lee Chun Fai in a spirit of openness, inviting them for discussions on the proposal.”
The Company wishes to clarify that no offer was tabled to IJM on 9 January 2026.
To ensure the public record remains accurate, the Company sets out the sequence of events below:
- 9 January: IJM’s Chairman and Group Chief Executive Officer & Managing Director (GCEO) received a request from Sunway’s Tan Sri Jeffrey Cheah for a meeting on 10 January. As IJM’s Chairman was overseas at the time, the meeting was scheduled for 12 January 2026.
- 10 January: IJM received a letter from Sunway requesting the suspension of trading in its shares on 12 January.
- 12 January (9.00 am): Trading in IJM’s shares was suspended.
- 12 January (12.30pm): A lunch meeting took place between representatives of Sunway and IJM’s
- Chairman and GCEO. At this meeting, IJM was informed that a Notice of Conditional Voluntary Takeover Offer (“Notice of VTO”) would be served to IJM that afternoon. No discussion on the substance of the proposal took place at that meeting as the VTO would be made directly to IJM shareholders.
- 12 January (~4 pm): IJM received a Notice of VTO from Maybank Investment Bank Berhad, the Principal Adviser of the Offer.
- 12 January (evening): Both Sunway and IJM made a public announcement of the VTO.
IJM not involved in pre-Offer discussions with shareholders
IJM refers to a further statement reported in the New Straits Times on 2 April:
“Cheah revealed that initial discussions with these institutions had been encouraging. When Sunway first tabled its proposal in early January, feedback from the GLICs was broadly positive, with many acknowledging the commercial rationale behind the deal.”
In brief
IJM Corporation Berhad says no takeover offer was presented to it on January 9, 2026, contrary to media reporting. The company describes a meeting with Sunway representatives on January 12, when IJM says it was told a notice of conditional voluntary takeover offer would be served later that day; it says the meeting did not address the proposal’s substance. IJM also says it was not involved in any pre-announcement discussions Sunway may have held with shareholders. The company raises concerns about suggestions that the groups could divide business areas, saying restrictions on IJM’s participation could harm remaining shareholders. IJM reiterates its board’s recommendation that shareholders reject the offer, citing an independent adviser’s conclusion that it is not fair and not reasonable.
Key takeaways
- IJM says it received Sunway’s takeover notice on January 12, not January 9.
- The company says it had no knowledge of or role in Sunway’s pre-offer shareholder discussions.
- IJM objects to potential limits on its participation in business segments or contracts.
- The board reiterates its recommendation that shareholders reject the offer, citing the independent adviser’s assessment.
The Company wishes to emphasise that any discussions Sunway may have had with any shareholders prior to the announcement of the VTO were conducted without the knowledge or involvement of the IJM Board or its Management.
On the proposed division of work and what it means for shareholders
IJM refers to the following statement reported in The Edge on 2 April:
“Their (IJM’s) strength is in civil construction. We might go and bid for the Mass Rapid Transit (MRT) or the Penang Light Rail Transit (LRT) on that side, and then we do a data centre on the Sunway side.”
IJM notes the remarks suggesting a potential delineation of roles between the two groups, where IJM would focus on civil and infrastructure projects while fast-growing segments such as data centres would be undertaken by Sunway. Any limitation on IJM’s participation in certain segments or contracts raise concerns and may not be in the best interest of IJM’s remaining shareholders.
Reiteration of the IJM Board’s recommendation and assessment of the Offer
Shareholders are advised to refer to the Independent Advice Circular dated 13 March 2026, in which the Independent Adviser, M&A Securities Sdn Bhd, concluded that the Offer is not fair and not reasonable. The Board reiterates its recommendation that shareholders reject the Offer.
The Offer must also be assessed in its proper strategic context. IJM is at a different stage of its
investment cycle, with key assets such as infrastructure concessions moving from development into operational phases. Comparisons based only on current margins or short-term earnings do not fully reflect their value or future upside.
Shareholders are therefore advised to assess the Sunway Offer on the basis of the Independent Advice Circular, the Company’s official announcements, and IJM’s underlying value, strategic position and future prospects.
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
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Questions around this news
When did IJM receive Sunway’s takeover offer?
According to IJM, it received no offer on 9 January 2026. A meeting request arrived that day, and trading in IJM shares was suspended on 12 January. At a lunch meeting that day, Sunway representatives said a notice of offer would be served. IJM says it received the notice from the offer’s principal adviser at about 4 p.m., followed by public announcements that evening.
What did IJM’s board recommend shareholders do about the offer?
The board reiterated its recommendation that shareholders reject the offer. IJM also directed shareholders to an independent advice circular dated 13 March 2026, in which the independent adviser concluded that the offer was not fair and not reasonable. The company said the offer should be assessed in light of its underlying value, strategic position, and prospects, as well as that circular and its official announcements.
What concern did IJM raise about dividing work between the two groups?
IJM said comments reported in the media suggested it might focus on civil and infrastructure projects, while Sunway undertook areas such as data centres. IJM warned that limiting its participation in particular business segments or contracts could raise concerns and might not serve the interests of its remaining shareholders. The release does not describe an agreed division of work.
What is a conditional voluntary takeover offer?
A conditional voluntary takeover offer is a proposal made by an offeror to acquire shares in a company, subject to specified conditions. Because it is voluntary, it is initiated by the offeror rather than imposed automatically. The conditions and the steps shareholders can take are set out in the formal offer documents and governed by the relevant takeover rules.
Earlier from IJM Corporation Berhad
- 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
- IJM Construction secures RM1.26 billion contract for hyperscale data centre at Elmina Business Park
