Sunway City Kuala Lumpur,12 January 2026
Sunway, today announced a conditional voluntary take-over offer to acquire all the ordinary shares in IJM (excluding treasury shares) (“Offer Shares”), at the Offer price of RM3.15 per Offer Share (“Offer Price”) ( “Offer”), for a total consideration of approximately RM11.0 billion, with 10% of the total consideration to be satisfied in cash and 90% via the issuance of new ordinary Sunway shares at RM5.65 per share.
For illustrative purposes, for a board lot of 1,000 IJM shares, an IJM shareholder will receive RM315.00 in cash and approximately RM2,835 in 501 Sunway shares. Fractional entitlements for shares will be disregarded.
In total, the consideration will be satisfied via cash of RM1.1 billion and the issuance of RM9.9 billion worth of newly issued shares in Sunway. The cash consideration will be funded through a combination of debt financing and internally generated funds.
The total consideration of RM11.0 billion translates to an implied enterprise value to earnings before interest, tax, depreciation and amortisation (“EV/EBITDA”) multiple of 11.8x and an implied price-to-earnings (“PE Multiple”) ratio of 27.4x, based on the Offer Price divided by the audited basic earnings per IJM Share for the financial year ended 31 March 2025 of 11.50 sen, and additionally reflects the implied EV/EBITDA multiple of 13.2x and implied PE Multiple of 24.8x, based on latest trailing 12-month unaudited condensed consolidated financial information up to 30 September 2025.
The Offer Price represents a 14.55% premium to the last closing price of IJM of RM2.75 per share, 27.99% premium to the one-month VWAMP of RM2.46 per share, 26.91% premium to the three-month VWAMP of RM2.48 per share and 17.59% premium to the six-month VWAMP of RM2.68 per share.
Sunway’s proposed acquisition of IJM is a strategic and transformative initiative aimed at creating Malaysia’s largest property and construction conglomerate group by revenue and total assets. This strategic move is underpinned by several key drivers:
- Enhanced scale and capability as the largest property and construction conglomerate group in Malaysia
- Combination creates potential synergistic value with further efficiency and operational excellence
- Enlarged capitalisation and scale boost financing capabilities and credit strengths
The Offer is conditional upon Sunway obtaining valid acceptances resulting in it owning more than 50% of IJM’s voting shares, in addition to securing the relevant regulatory and Sunway’s shareholder approvals.
Should the public shareholding spread fall below the prescribed requirements following the Offer, Sunway will not be taking any steps to address any shortfall in the public spread of IJM. Accordingly, Sunway may seek to delist IJM as Sunway believes that operating IJM as an unlisted company would provide greater flexibility to pursue the long-term strategic direction for the enlarged Sunway Group and would reduce compliance obligations.
If Sunway achieves acceptance from at least 90% of the Offer Shares, Sunway intends to exercise its rights of compulsory acquisition to acquire the remaining shares and proceed with the delisting of IJM from Bursa Securities.
Sunway Group’s President, Datuk Anuar Taib commented, “Malaysia is well-positioned to benefit from the shifting of global trades towards ASEAN. Institutional reforms to enhance Malaysia’s competitiveness, together with the establishment of special economic zones, continue to strengthen business confidence and attract foreign and domestic investments. This resulting economic stability strengthens the national resilience through employment creation, investment in advanced technology infrastructure and generating multiplier effects across related industries, including real estate and construction. The proposed corporate exercise is therefore timely and strategic to unlock synergies and value creation that extend beyond the Group, and also for the nation.”
He added, “Sunway continues to redefine the growth and transformation of a Malaysian conglomerate as it advances its vision to become a leading conglomerate in ASEAN. As a purpose-driven organisation that is committed to nation-building, this exercise will build a national champion, enhancing the enlarged group’s scale and capability.
The Offer is expected to be completed by the third quarter of 2026, subject to receipt of all necessary approvals.
UBS AG Singapore Branch has been appointed as International Financial Adviser and Maybank IB has been appointed as Principal Adviser to Sunway for the Offer.
