KUALA LUMPUR (Feb 6): Permodalan Nasional Bhd (PNB) has indicated that it has not yet made a decision regarding Sunway Bhd’s voluntary general offer (VGO) to acquire shares in IJM Corporation Bhd. The fund manager said it will carefully review the proposal, focusing on financial returns, valuation metrics, and the long-term prospects of the investment before reaching any conclusion.
Sunway announced in January a conditional takeover proposal to purchase all 3.51 billion IJM shares at RM3.15 each, valuing the transaction at approximately RM11 billion. The offer will be settled through a combination of cash and newly issued Sunway shares.
PNB explained that it will evaluate several key factors, including IJM’s intrinsic value, its future growth potential, the attractiveness of the cash component, and the estimated value of the share-swap portion. The offer document has recently been distributed to shareholders, while IJM’s independent adviser is expected to release its recommendation by mid-March. The acceptance period currently runs until early April, subject to any extensions permitted under takeover regulations.
As a minority shareholder with a stake of under 13.5%, PNB noted that it does not have the ability to determine the outcome of the transaction. For the offer to proceed, more than half of IJM shareholders must accept the proposal.
Deputy Prime Minister Datuk Seri Fadillah Yusof recently told Parliament that PNB will consider the offer using commercial benchmarks, governance standards, risk assessment, and strategic implications before making any decision. PNB also reiterated that any final determination will go through its internal governance framework and require approval from its investment committee, in line with its fiduciary responsibility to unitholders.
Market perspective
Corporate transactions of this scale often shape the direction of Malaysia’s property and infrastructure sectors, particularly in high-growth regions. Large developers and construction groups play a key role in delivering projects involving commercial property in KL, transit-oriented developments, and mixed-use hubs that combine office space in Bukit Jalil with surrounding retail and residential components.
At the same time, continued industrial expansion across the Klang Valley supports demand for industrial land in Selangor, especially from logistics, manufacturing, and data-driven industries. Areas such as the Subang area and Puchong remain strategic locations for companies seeking industrial property or factory space in Puchong due to their connectivity to ports, highways, and key urban centres.
Malaysia