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Malaysia’s IJM board urges shareholders to reject Sunway’s $2.8 billion takeover bid

The board of Kuala Lumpur-based construction company IJM Corp. has urged shareholders to reject the 11 billion ringgit ($2.8 billion) takeover bid from Sunway—the flagship of Malaysian billionaire ...

Source: RSS · August 23, 2026 at 5:31 PM · AI-assisted report

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Malaysia’s IJM board urges shareholders to reject Sunway’s $2.8 billion takeover bid
Photo: Joost J. Bakker from IJmuiden / CC BY 2.0

KUALA LUMPUR, 24 AUGUST 2026 —

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Malaysia’s IJM board opposes Sunway’s $2.8 billion takeover bid

Market Impact

KUALA LUMPUR — The board of IJM Corp., a major Malaysian construction firm, has advised shareholders to reject an 11 billion ringgit ($2.8 billion) takeover offer from Sunway, a conglomerate controlled by billionaire Jeffrey Cheah. The recommendation comes amid concerns over valuation and strategic alignment, according to a company filing on Friday.

The rejection follows Sunway’s proposal to acquire all outstanding shares of IJM at 4.55 ringgit per share, a premium of about 20% over the last closing price. IJM’s board stated that the offer undervalues the company and does not reflect its long-term growth potential. Details not yet available on whether Sunway plans to revise its bid or pursue alternative strategies.

IJM, listed on Bursa Malaysia, operates in construction, property development, and infrastructure. The company reported a net profit of 343 million ringgit for the first half of fiscal 2025, down 12% year-on-year. Sunway, a diversified group with interests in healthcare, education, and real estate, has not commented publicly on IJM’s response.

Analysts suggest the rejection may trigger a bidding war or prompt Sunway to reconsider its approach. The outcome could influence Malaysia’s M&A landscape, particularly in the construction sector. Shareholders are expected to vote on the proposal in the coming months. Details not yet available on regulatory or antitrust considerations.

Related: IJM · Bursa Malaysia

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