Share
KUALA LUMPUR (Feb 26): Sunway Bhd (KL:SUNWAY) on Wednesday (Feb 25) revised the cash component of its takeover offer for IJM Corp Bhd (KL:IJM) following the declaration of a two-sen dividend to Sunway shareholders.
The cash portion of the offer will increase from 31.5 sen to approximately 32.5 sen per IJM share, after adjusting for the second interim dividend declared for the financial year ended Dec 31, 2025 (FY2025), according to a press notice issued by Maybank Investment Bank on behalf of the group.
Sunway noted that the adjustment reflects the net distribution of two sen per Sunway share multiplied by the 0.501 new Sunway shares that each IJM shareholder would receive upon accepting the offer.
There will be no change to the issue price of RM5.65 per Sunway share or the number of consideration shares.
Under the original offer announced earlier last month, IJM shareholders are entitled to 31.5 sen cash plus 0.501 new Sunway shares for each IJM share tendered.
This means each block of 1,000 IJM shares would now entitle its holder to RM325 in cash, up from RM315, along with 501 Sunway shares worth RM2,830.65 at the issue price.
Sunway reiterated that the total offer price remains at RM3.15 per share, with 90% of the consideration delivered via new Sunway shares. As a result, the deal still values IJM at RM11 billion.
The offer will become valid once Sunway secures more than 50% ownership of IJM and fulfils customary closing conditions.
IJM, a diversified conglomerate with operations spanning construction, property, and infrastructure, has an outstanding order book of RM4.4 billion, RM1.59 billion in unbilled property sales, and exposure to highway concessions, ports and manufacturing.
Following the takeover offer made in January, IJM made headlines over visits by the Malaysian Anti-Corruption Commission and the Inland Revenue Board to its office.
The Edge Malaysia previously reported that several companies and consortiums are also exploring competing bids for IJM, whose major shareholders include the Employees Provident Fund and Amanah Saham Nasional Bhd.
Sunway on Wednesday said all other terms of the offer remain unchanged and advised IJM shareholders to refer to both the offer document and the independent advice circular before making a decision.
The offer document and acceptance forms are available on Bursa Malaysia’s website.
Unlock Malaysia’s shifting industrial map. Track where new housing is emerging as talents converge around I4.0 industrial parks across Peninsular Malaysia. Download the Industrial Special Report now.
