KUALA LUMPUR – Sunway Bhd secured overwhelming approval from its shareholders for the proposed acquisition of IJM Corp Bhd, with 99.97% voting in favour at its extraordinary general meeting (EGM) today.
Founder and chairman Tan Sri Dr Jeffrey Cheah confirmed that the Malaysian Anti-Corruption Commission (MACC) has formally cleared the group, finding no wrongdoing in the acquisition of IJM shares.
“Almost all shareholders present at the meeting voted to proceed with the takeover offer,” Cheah said in a press conference.
“We have also received a letter from the MACC confirming that there is no investigation against our board in connection with the proposed deal.”
Sunway had announced a conditional voluntary takeover offer for all 3.51 billion IJM shares on January 12, pricing each at RM3.15, with the acceptance deadline set for April 6.
Earlier this month, Permodalan Nasional Bhd (PNB), the second-largest shareholder in IJM with a 13.5 per cent stake, opted not to accept Sunway’s offer.
Despite this, the overwhelming support at the EGM ensures the acquisition can proceed.
MACC chief commissioner Tan Sri Azam Baki had previously said the anti-graft body was investigating the takeover, focusing on potential bribery and corporate governance matters. – March 26, 2026