SHAH ALAM: The Employees Provident Fund (EPF), one of the largest shareholders of IJM Corp Bhd, has yet to decide on whether to accept Sunway Bhd’s voluntary takeover offer for the construction group.
“We are waiting for the independent advice circular, which will be issued by March 16,” EPF CEO Ahmad Zulqarnain Onn said during the retirement fund’s 2025 dividend announcement on Saturday (Feb 28).
He said the fund would decide whether to accept the offer after receiving the circular.
On Jan 12, Sunway proposed a conditional voluntary takeover offer to acquire all 3.51 billion shares in IJM Corp at RM3.15 per share.
The group said that, assuming full acceptance of the proposed offer and no adjustments to the offer price, the total consideration will be approximately RM11bil, to be satisfied via a combination of cash and the issuance of new ordinary shares in Sunway.
Sunway said the proposed offer is expected to be completed by the third quarter of 2026.
