KUALA LUMPUR, Jan 12 (Bernama) -- Sunway Bhd has proposed a conditional voluntary takeover offer to acquire the entire 3.51 billion shares in IJM Corp Bhd at an offer price of RM3.15 per share.
Sunway said in a Bursa Malaysia filing today that Maybank Investment Bank Bhd acting on its behalf had served a notice of conditional voluntary takeover offer to the board of directors of IJM Corp today on its intention to acquire the entire equity interest at the offer price.
It added that Sunway may nominate a wholly owned subsidiary as the recipient of the offer shares.
"Assuming full acceptance of the proposed offer and no adjustments are made to the offer price, the total consideration for the proposed offer will be approximately RM11.0 billion which will be satisfied via a combination of cash and the issuance of new ordinary shares in Sunway," Sunway said.
Barring any unforeseen circumstances, the company said the proposed offer is expected to be completed by the third quarter of 2026.
The company added that the proposed offer was conditional upon, among other things, Sunway having received, on or before the closing date, valid acceptances that would result in Sunway holding, in aggregate, more than 50 per cent of IJM Corp’s voting shares.
Sunway said it might seek to delist IJM Corp via available routes as permitted under applicable laws and regulations, the decision to proceed and choice of route of which would be made at the relevant time.
It added that the completion of the proposed offer would establish an enlarged conglomerate involved in property development and construction in Malaysia based on revenue and asset base.
"Sunway will be able to consolidate the financial performance of the IJM Group and also expand the business activities of Sunway and its subsidiaries," the company said, adding that it intends to continue with the existing businesses of the IJM Group.
Sunway said IJM Corp would be maintained as a separate subsidiary, parallel with the other existing operating companies within the Sunway Group.
"Assuming full acceptance of the proposed offer, the company intends to form an integration steering committee to, among others, review the business operations of the IJM Group as well as the licensing requirements in respect of the respective businesses of the enlarged Sunway Group," it added.
Sunway said it has no current plans to introduce or effect any major change in the structure of the IJM Group, or dispose or re-deploy major assets of the IJM Group.
"Notwithstanding, a re-deployment of assets or disposal of non-core assets may be necessary as part of the rationalisation of the business activities and to remain competitive within the industry, improve the utilisation of resources and to extract synergistic benefits," added the company.
It said the detailed plans for the IJM Group would only be finalised after Sunway has conducted a detailed review of the financial position and operations of the IJM Group upon successful completion of the proposed offer.
Sunway said the company has no current plans to dismiss or make redundant employees of the IJM Group as a direct consequence of the proposed offer.
-- BERNAMA
