GLICs Hold Combined 45 Pct Equity Interest In IJM Corp As At Jan 30 - MoF
KUALA LUMPUR, March 11 (Bernama) -- Government-linked investment companies (GLICs) held about 45 per cent of the shares in IJM Corporation Bhd (IJM Corp) as at Jan 30, 2026, according to the Ministry of Finance (MoF).
It further noted that at present, none of the GLICs has a shareholding that constitutes a strategic controlling block over IJM Corp, which is currently the target of Sunway Bhd’s takeover offer.
“The proposed transaction is in the form of a conditional voluntary takeover offer. This means the offer is made to all shareholders, including non-GLIC shareholders, on the same basis. Each shareholder is free to accept or reject the offer,” it said in a reply published on the Parliament website today.
According to the takeover notice, the offer made on Jan 12, 2026, is conditional on Sunway holding in aggregate more than 50 per cent of the voting shares in IJM Corp, apart from getting the approval of Sunway shareholders and other conditions.
For the offer to succeed, the majority of shareholders must approve, the MoF said this in response to a question from Senator Datuk Rosni Sohar regarding the government’s assessment of the proposed acquisition of IJM Corporation by Sunway, particularly from the perspective of the strategic importance of Bumiputera economic equity ownership given that nearly half of IJM’s shares are owned by national investment institutions.
She noted that the company controls various strategic assets, including Kuantan Port and major national highways.
The MoF noted that the concerns relate to the interests in IJM held by GLICs such as the Employees Provident Fund (EPF), Permodalan Nasional Bhd (PNB), and the Retirement Fund (Incorporated) (KWAP).
It addressed the concerns on the aspects of investment decision integrity and strategic asset ownership via Kuantan Port and the toll concessions.
On the investment decision integrity, the ministry said GLICs are professional financial institutions bound by strict governance standards and clear investment mandates.
“The government has full confidence that these institutions will make the right decisions to protect the interest of the millions of Malaysians who are their contributors,” it said.
Regarding the ownership of strategic assets, the MoF said the government maintains direct control mechanisms over these assets.
For example, the government holds a golden share in Kuantan Port Consortium Sdn Bhd.
As for the highway toll concessions, they remain subject to the terms of the concession agreements and government regulations, it said.
The MoF added that since the proposed takeover process is still ongoing, the government is confident that the GLICs will evaluate this transaction independently and based on commercial principles while taking into account the nation’s strategic interests.
-- BERNAMA