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KUALA LUMPUR (Feb 3): IJM Corp Bhd has obtained approval from the Securities Commission Malaysia (SC) to extend the timeline for the submission of its draft independent advice circular (IAC) in relation to Sunway Bhd’s proposed takeover.
In a bourse filing on Tuesday, IJM said the regulator had, via a letter dated Jan 30, approved the company’s application to extend the deadline from Feb 3 to March 5, 2026, to submit the draft IAC and Offeree Board Circular for the SC’s comments.
Following the extension, IJM is now required to issue the IAC and Offeree Board Circular to its board and holders of the offer shares by March 16, 2026.
IJM is a takeover target of Sunway, which made an offer of 31.5 sen cash per IJM share plus 0.501 new Sunway shares which it will issue at RM5.65 apiece.
The total deal values IJM at RM11 billion, representing an enterprise multiple of nearly 12 times and about 27 times the trailing earnings, according to Sunway's filings.
The offer will become valid once Sunway secures more than 50% ownership of IJM Corp and customary closing conditions.
In the weeks that followed, IJM made headlines amid a probe by the Malaysian Anti-Corruption Commission, with the commission and the Inland Revenue Board paying a visit to its office.
The Edge Malaysia separately reported on Jan 26 that a number of companies and consortiums are also considering competing against Sunway and submitting their own bids for IJM, whose shareholders include the Employees Provident Fund and Amanah Saham Nasional Bhd.
The group has an outstanding order book of RM4.4 billion, RM1.59 billion in unbilled property sales, highway concessions and other divisions including port and manufacturing.
On Tuesday’s noon market break, shares of IJM were traded two sen or 0.75% higher at RM2.70, giving the group a market capitalisation of RM9.85 billion. The stock has risen nearly 17% or 39 sen since the beginning of the year.
The stock is currently trading at a price-earnings ratio of 23.3 times, according to AskEdge.
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