PUTRAJAYA (March 4) — The Malaysian Anti-Corruption Commission (MACC) has initiated an investigation linked to the ongoing takeover offer by Sunway Bhd for IJM Corp Bhd.
MACC chief commissioner Tan Sri Azam Baki confirmed that reports had been received concerning the proposed acquisition. Given that IJM’s shareholder base includes several government-linked investment institutions, the matter carries heightened sensitivity due to potential public fund exposure. Authorities are assessing whether there are any elements of corruption, abuse of authority or governance breaches connected to the transaction.
Details of the Takeover Offer
In January, Sunway launched a cash-and-share offer valuing IJM at RM3.15 per share, translating into an overall deal value of approximately RM11 billion. The offer is conditional upon receiving acceptances exceeding 50% plus one share.
Among IJM’s significant shareholders are the Employees Provident Fund (EPF), which holds more than 20%, Permodalan Nasional Bhd (13.5%), Retirement Fund Inc (9.64%), Urusharta Jamaah Sdn Bhd (2.84%) and Lembaga Tabung Haji (1.47%). Notably, EPF also owns a 9.45% stake in Sunway.
IJM has secured an extension to submit its independent circular evaluating the offer, with the acceptance period now running until early April.
Additional Investigation Papers Involving IJM
Beyond the takeover review, the MACC has opened two further investigation papers involving IJM.
One relates to alleged bribery connected to a project, with the company’s chairman recently called in to provide a statement. Investigations remain ongoing.
Separately, the MACC is continuing its review of matters connected to a reported RM2.5 billion money laundering probe involving the UK’s Serious Fraud Office. IJM has previously denied wrongdoing and stated it was unaware of any formal investigation by UK authorities. The Malaysian agency confirmed that it is cooperating with its UK counterparts, though no final conclusions have been reached.
Market Implications for KL and Selangor Property Stakeholders
The developments surrounding Sunway and IJM are being closely watched across the broader property and construction landscape in Kuala Lumpur and Selangor. Both groups have significant exposure to infrastructure, township and mixed-use projects that influence supply pipelines for commercial property in KL and growth corridors across the Klang Valley.
For investors tracking industrial land in Selangor, corporate restructuring at major conglomerates can shape future landbank strategies, infrastructure rollouts and township integration — factors that ultimately affect demand for a factory in Puchong or logistics-oriented industrial property in Subang area.
Similarly, shifts in ownership structures may influence future project launches and master planning, which in turn impact office space in Bukit Jalil and other decentralised commercial nodes. As institutional shareholders such as EPF and other GLCs are involved, governance transparency and regulatory oversight will remain central considerations for stakeholders evaluating long-term opportunities within Malaysia’s industrial and office property markets.
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