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KUALA LUMPUR (Feb 4): Permodalan Nasional Bhd (PNB), one of the substantial shareholders of IJM Corporation Bhd (KL:IJM), will evaluate the takeover offer for the construction company before making any decision, Deputy Prime Minister Datuk Seri Fadillah Yusof (pictured) said on Wednesday.
Among the factors to be considered by PNB are the offer price relative to IJM’s intrinsic value, potential investment returns and offeror Sunway Bhd's (KL:SUNWAY) post-acquisition strategic plans, Fadillah said in the Dewan Rakyat.
He added that offer-related risks and governance processes will also be assessed.
“Any decision to accept or reject the offer will be made independently and is subject to internal governance and approval procedures,” the deputy prime minister said when winding up the debate on the motion of thanks for the royal address.
Sunway launched a voluntary general offer for IJM on Jan 12, comprising 31.5 sen in cash and 0.501 new Sunway shares, valued at RM5.65 apiece, for each IJM share.
PNB and its funds currently hold a 12.94% stake in IJM. The Employees Provident Fund is IJM’s largest shareholder with a 20.26% stake, followed by Kumpulan Wang Amanah (Diperbadankan), which holds 9.64%.
IJM has also been in the spotlight following an ongoing probe by the Malaysian Anti-Corruption Commission, after the agency confirmed cooperation with the UK Serious Fraud Office in investigating allegations of a RM2.5 billion money laundering scheme involving individuals linked to the company.
Fadillah pointed out that PNB alone cannot determine the outcome of the takeover offer, as it will only succeed if more than 50% of IJM shareholders accept it.
“As an IJM shareholder, PNB is merely a recipient of the offer, standing on equal footing with other shareholders, and will only evaluate the proposal once the offer document is officially issued,” he said, adding that other interested parties are free to submit competing offers.
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