KUALA LUMPUR (Feb 3): IJM Corp Bhd has received approval from the Securities Commission Malaysia (SC) to extend the deadline for submitting its draft Independent Advice Circular (IAC) related to Sunway Bhd’s proposed takeover offer.
In a filing with Bursa Malaysia on Tuesday, IJM said the SC had approved its application to revise the submission timeline, extending the deadline from Feb 3 to March 5, 2026. The extension applies to both the draft IAC and the Offeree Board Circular, which will be reviewed by the regulator before being finalised.
Following the revised timeline, IJM is required to issue the completed IAC and Offeree Board Circular to its board of directors and shareholders by March 16, 2026.
Sunway has proposed an acquisition of IJM through a cash-and-share offer comprising 31.5 sen in cash per IJM share, along with 0.501 new Sunway shares to be issued at RM5.65 each. Based on Sunway’s filings, the proposal values IJM at approximately RM11 billion, implying an enterprise value multiple of close to 12 times and about 27 times trailing earnings.
The offer will become unconditional once Sunway secures more than 50% ownership in IJM and all customary regulatory and closing conditions are satisfied.
IJM has remained in the spotlight in recent weeks following visits by the Malaysian Anti-Corruption Commission and the Inland Revenue Board as part of ongoing investigations. Separately, The Edge Malaysia reported in late January that other companies and consortiums may be evaluating potential rival bids for IJM, whose major shareholders include the Employees Provident Fund and Amanah Saham Nasional Bhd.
From an operational standpoint, IJM maintains a diversified portfolio with an outstanding construction order book of RM4.4 billion, alongside RM1.59 billion in unbilled property sales. Its business spans construction, highways, ports, manufacturing, and property development — sectors closely linked to infrastructure growth and demand for industrial land in Selangor and commercial property in KL.
At the midday trading break on Tuesday, IJM shares were up two sen, or 0.75%, at RM2.70, valuing the group at a market capitalisation of about RM9.85 billion. The stock has gained nearly 17% since the start of the year, reflecting sustained investor interest.
Market data shows IJM trading at a price-to-earnings ratio of approximately 23.3 times. Any outcome from the takeover exercise could have broader implications for future capital deployment into office space in Bukit Jalil, infrastructure-linked industrial property in the Subang area, and factory developments in Puchong, where integrated construction and property expertise remains in demand.
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