KUALA LUMPUR: IJM Corp Bhd
has clarified recent media reports on Sunway Bhd’s conditional voluntary takeover offer (VTO), reiterating that the proposal was not discussed with the company prior to its formal announcement and maintaining its recommendation for shareholders to reject the offer.
In a statement, IJM said no offer was tabled to the company on Jan 9, contrary to claims reported in the media, and outlined the sequence of events leading up to the announcement of the VTO on Jan 12, 2026.
The group said its chairman, Tan Sri Krishnan Tan and group chief executive officer, Datuk Lee Chun Fai, received a meeting request from Sunway on Jan 9 for a meeting on Jan 10.
The meeting eventually took place on Jan 12 as its chairman was overseas at the time. IJM also received a letter from Sunway requesting the suspension of trading in its shares on the same day.
During the lunch meeting, IJM was informed that a takeover notice would be served later that day, with no discussion on the substance of the proposal, as the offer was to be made directly to IJM shareholders.
“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,” IJM said.
The company also raised concerns over remarks suggesting a potential delineation of roles between the two groups, noting that limiting IJM’s participation in certain segments, such as data centres, may not be in the best interest of its remaining shareholders.
Shareholders are advised to refer to the independent advice circular dated March 13, 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,” IJM said.
It added that the offer should be assessed in the context of IJM’s long-term value, as key assets such as infrastructure concessions are transitioning into operational phases with future upside potential.
