KUALA LUMPUR (Feb 26) — Sunway Bhd has adjusted the cash portion of its takeover offer for IJM Corp Bhd following the announcement of a two-sen dividend to Sunway shareholders.
According to a statement released by Maybank Investment Bank on behalf of Sunway, the cash consideration has been revised upward from 31.5 sen to approximately 32.5 sen per IJM share. The adjustment reflects the two-sen dividend declared for the financial year ended Dec 31, 2025, multiplied by the 0.501 new Sunway shares that IJM shareholders would receive under the share-swap structure.
Importantly, the issue price of RM5.65 per Sunway share and the share exchange ratio remain unchanged.
Under the revised terms:
IJM shareholders will receive approximately 32.5 sen in cash per IJM share (previously 31.5 sen)
Plus 0.501 new Sunway shares for each IJM share tendered
For example, a holder of 1,000 IJM shares would now receive:
RM325 in cash (up from RM315)
501 Sunway shares valued at RM2,830.65 based on the RM5.65 issue price
Sunway reiterated that the overall offer price remains at RM3.15 per IJM share, with roughly 90% of the consideration delivered in Sunway shares. The transaction continues to value IJM at approximately RM11 billion.
Completion of the offer is subject to Sunway securing more than 50% equity control in IJM, alongside customary regulatory and closing conditions.
IJM operates across construction, property development, infrastructure concessions, ports, and manufacturing. It currently carries:
RM4.4 billion in outstanding construction orders
RM1.59 billion in unbilled property sales
Exposure to highways, ports, and industrial-related operations
Given IJM’s footprint in infrastructure and property development, this proposed consolidation could reshape segments of Malaysia’s development pipeline — including areas tied to industrial land in Selangor, logistics corridors, and mixed-use commercial hubs.
For investors focused on commercial property in KL and industrial property in Subang area, the transaction is notable because large-scale corporate mergers often lead to:
Landbank rationalisation
Strategic township integration
Repositioning of industrial and commercial assets
Acceleration of infrastructure-linked developments
Selangor, in particular, remains Malaysia’s most active industrial state, with high demand for factory in Puchong, warehousing facilities near Port Klang, and business parks across Subang and Shah Alam. Any major consolidation involving a diversified player like IJM may indirectly influence future supply pipelines and development priorities in these corridors.
Following the initial offer announcement in January, IJM also drew attention after visits from the Malaysian Anti-Corruption Commission and the Inland Revenue Board to its offices.
Meanwhile, reports indicate that other companies and consortiums may be evaluating competing bids. IJM’s major shareholders include the Employees Provident Fund (EPF) and Amanah Saham Nasional Bhd (ASNB), making any corporate restructuring closely watched by institutional investors.
Sunway confirmed that all other terms of the offer remain intact and advised IJM shareholders to review the official offer document and independent advice circular available on Bursa Malaysia before making a decision.
From a broader property market perspective, corporate exercises of this scale reflect continued consolidation within Malaysia’s construction and development ecosystem.
For those active in:
Industrial land in Selangor
Factory in Puchong
Industrial property in Subang area
Office space in Bukit Jalil
Commercial property in KL
such mergers signal capital concentration among large integrated developers with the capacity to undertake sizeable infrastructure-linked projects.
In Klang Valley — especially across Kuala Lumpur and Selangor — industrial and commercial demand continues to be supported by logistics expansion, semiconductor investment, and infrastructure upgrades. Large corporate alignments may further strengthen execution capability in township development, integrated industrial parks, and transit-oriented commercial hubs.
As Malaysia’s industrial backbone grows more sophisticated, capital consolidation among major developers could play a defining role in shaping future supply across Selangor’s industrial corridors and Kuala Lumpur’s commercial centres.
Malaysia