PNB to assess Sunway's VGO for IJM on commercial basis


KUALA LUMPUR: Permodalan Nasional Bhd (PNB) will assess Sunway Bhd’s voluntary general offer (VGO) for IJM Corporation Bhd based on commercial considerations, offer risks, governance, investment returns, and Sunway’s strategic plans post- acquisition.

Deputy Prime Minister and Energy Transition and Water Transformation Minister Datuk Seri Fadillah Yusof said the offer was made on equal terms to all IJM shareholders and was not a transaction negotiated with any specific shareholder, including PNB.

"As an IJM shareholder, PNB is merely a recipient of the offer, standing on equal footing with other shareholders, and will only evaluate the offer after the offer document is officially issued.

"PNB will assess the offer taking into account commercial aspects such as the offer value relative to intrinsic value, investment returns, and post-acquisition strategic plans, in addition to offer risks and governance processes,” he said when winding up the debate on the motion of thanks for the royal address by the Yang di-Pertuan Agong in the Dewan Rakyat here today.

Fadilah was reponding a question from Wan Ahmad Fayhsal Wan Ahmad Kamal (PN-Machang) on Sunway’s IJM takeover.

On Jan 12, Sunway proposed a conditional voluntary takeover offer to acquire all 3.51 billion shares in IJM at an offer price of RM3.15 apiece, involving a total consideration of about RM11.0 billion to be settled through a combination of cash and the issuance of new ordinary Sunway shares.

Fadillah said any decision to accept or reject the offer would be made independently, subject to PNB’s governance processes and internal approvals.

"Sunway’s offer will only succeed if more than 50 per cent of IJM shareholders accept it. As an IJM minority shareholder with less than 13.5 per cent, PNB is unable to influence whether Sunway’s offer succeeds or not.

"This approach is consistent with standard capital market practices, where a general offer is assessed individually by each shareholder,” he added. - Bernama 

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