Sunway, IJM Takeover Lapses After Failing To Meet 50 Pct Voting Shares

KUALA LUMPUR, April 6 (Bernama) -- Sunway Bhd’s takeover offer for IJM Corporation Bhd has lapsed after failing to meet more than 50 per cent of the voting shares, said Maybank Investment Bank Bhd (Maybank IB).

In a statement today, the investment bank said the offer has closed at 5 pm on Monday, April 6, 2026.

“The offer has lapsed and ceased to be capable of further acceptance, and all acceptances will be returned to the accepting holders, and Sunway will thereafter cease to be bound by any such prior acceptances of the offer,” it said.

As at 5 pm, Maybank IB said Sunway has received valid acceptances under the offer, resulting in the company holding 1.17 billion IJM shares, representing 33.43 per cent of the total voting shares in IJM.

In another statement, IJM group chief executive officer and managing director Datuk Lee Chun Fai said with the offer now concluded, the group moves forward with resolve, executing an enhanced strategy to deliver the value of its portfolio across its core businesses.

“Our shareholders have decided, and we respect the conviction they have placed in IJM’s long-term intrinsic value,” he said.

IJM also 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.

Looking ahead, the group is confident to deliver against its strategic priorities across its construction orderbook, property development pipeline, infrastructure concession portfolio and ongoing overseas expansion.

Meanwhile, Sunway expressed its sincere appreciation to all stakeholders and partners who have taken the time to evaluate the offer and who continue to place their trust and confidence in the group.

“We respect the decision of IJM shareholders and the outcome of the process. In any transaction of this scale, differing perspectives are natural, and we acknowledge the robust public discourse that has accompanied the offer.

“Sunway will continue to build on our strengths, pursue opportunities with discipline, and remain committed to creating long-term value for our stakeholders, the communities we serve, and the nation at large,” it added.

-- BERNAMA