KUALA LUMPUR – The Employees Provident Fund (EPF), a key shareholder in IJM Corporation Bhd (IJM Corp), chose to abstain from voting on Sunway Bhd’s proposed takeover of the construction and conglomerate group.
On its website, EPF stated that its decision on the conditional voluntary takeover offer for IJM Corp was recorded as “abstained,” citing its holdings in both Sunway Bhd and IJM Corp as the reason. The shareholder meeting was held on March 26, 2026.
Despite EPF’s abstention, Sunway secured overwhelming support at its extraordinary general meeting (EGM) yesterday, with 99.97% of shareholders voting in favour of the acquisition.
Founder and chairman Tan Sri Dr Jeffrey Cheah confirmed that the Malaysian Anti-Corruption Commission (MACC) has formally cleared Sunway, 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 first announced the conditional voluntary takeover on January 12, offering RM3.15 per share for all 3.51 billion IJM shares, with the acceptance period set to close on April 6.
Earlier this month, Permodalan Nasional Bhd (PNB), the second-largest shareholder with a 13.5% stake, declined to accept the offer. Nevertheless, the near-unanimous support at the EGM ensures the acquisition can move forward.
MACC chief commissioner Tan Sri Azam Baki had previously confirmed that the anti-graft body was reviewing the takeover, focusing on potential bribery and corporate governance issues. – March 27, 2026