EPF chief says no decision yet on Sunway’s offer for IJM

SHAH ALAM (March 2): The Employees Provident Fund (EPF), one of the largest shareholders of IJM Corp Bhd (KL:IJM), has not decided on the voluntary takeover offer by Sunway Bhd (KL:SUNWAY) for the construction group.

“We are waiting for the independent advice circular that will be issued by March 16, and then we will then go to our respective processes in terms of the decision of whether to accept the offer,” EPF chief executive officer Ahmad Zulqarnain Onn (pictured) said in response to questions by the press after the EPF’s results briefing here.

Sunway in January offered to take over IJM in a cash-and-share deal, which it said values the property-to-highway construction and infrastructure group at RM3.15 per share or RM11 billion. IJM shares closed 2.33% lower at RM2.51 on Friday, giving it a market capitalisation of RM9.16 billion.

IJM's assets include its concessions for the Sungai Besi Expressway, New Pantai Expressway and Kajang-Seremban Highway, on top of a 28.12% stake in WCE Holdings Bhd (KL:WCE), as well as private unit Industrial Concrete Products Bhd, whose listing could unlock value of the company.

On Friday, Sunway Group founder Tan Sri Dr Jeffrey Cheah said IJM shareholders are under no obligations to sell and are free to decide whether to accept or reject the deal.

“I stress that there is no compulsory acquisition. Sunway does not bully or hurt people. This is purely for commercial purposes. We see IJM as an attractive asset,” Cheah said.

This was after Sunway raised its cash portion of the offer to 32.5 sen per IJM share, from 31.5 sen. The offer also includes 0.501 Sunway share for each IJM share. This means each block of 1,000 IJM shares would entitle its holder to RM325 in cash, along with 501 Sunway shares worth RM2,830.65 at the issue price.

The Edge Malaysia reported in the Feb 23, 2026 edition of the weekly that government-linked investment companies holding shares in IJM are not that keen on Sunway’s offer, quoting sources, mainly because it is not a cash deal.

Sunway’s offer is conditional upon acceptance of 50% plus one share. The EPF held north of a 20% stake in IJM, followed by Permodalan Nasional Bhd (PNB) with under 13.5%, Retirement Fund Inc (KWAP) with 9.64%, Ministry of Finance-owned Urusharta Jamaah Sdn Bhd (2.84%) and Lembaga Tabung Haji (1.47%), based on latest available public data.

PNB, separately, said will assess the offer based on commercial considerations, including the investment returns based on IJM’s intrinsic and future value, the cash consideration and the estimated future value of swap shares offered, Bernama reported on Feb 6.

IJM, in early February, secured an extension to its current March 16 deadline to submit its independent circular on the takeover bid. The offer is open for acceptance until April 6.

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