Trading of Sunway and IJM Corp shares suspended pending announcement

KUALA LUMPUR (Jan 12): Trading of Sunway Bhd (KL:SUNWAY) and IJM Corporation Bhd (KL:IJM) shares is being suspended from 9am on Monday, pending a material announcement, according to their filings with Bursa Malaysia.

As such, trading of the structured warrants relating to Sunway and IJM has also been suspended at the same time.

In November last year, IJM denied news report about a merger between the group and Sunway, adding that its board was not aware of any such proposal and had not been approached regarding a potential merger.

Separately, Sunway clarified that there were no engagements or negotiations with IJM.

The Business Times-New Straits Times on Nov 7, 2025 reported a potential merger between the two firms, possibly creating one of the Malaysia's largest conglomerates.

Sunway first emerged as a substantial shareholder of IJM back in 2021 with a 5.02% stake.

Both Sunway and IJM are blue chips held by foreign and local institutional investors.

At their last closing price of RM5.60, Sunway shares, which rallied in the past months in anticipation of the listing of the group's healthcare arm, are valued at 33.3 times trailing price-earnings (P/E).

An analyst said Sunway would be able to redeploy the capital unlocked from the listing of its healthcare arm into future corporate exercises, like one with IJM.

Based on most recent data compiled by Bloomberg, there are 12 research houses covering the stock with three 'buy' calls, five 'hold', three 'neutral' and one 'underperform', with a consensus target price of RM5.71.

IJM, at RM2.75, is valued at 23.9 times trailing P/E. Since November, the stock has been covered by 15 research firms, with 11 'buy', two 'neutral' and two 'hold' calls, and a consensus target price of RM3.21.

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