Sunway Presses Ahead With RM11 Billion IJM Deal Despite Money Laundering Probe
Sunway Group said it will proceed with its proposed RM11 billion takeover of IJM Corp, dismissing speculation that an ongoing money laundering probe could derail the deal. In a filing to Bursa Malaysia, Sunway clarified that the share-and-cash acquisition remains on track and is being carried out in accordance with Malaysia’s takeover rules. The conglomerate added that the offer is still subject to shareholder approval, which will be sought at an extraordinary general meeting.
The clarification helped calm market jitters, with IJM shares rebounding 6 per cent to RM2.64, recovering part of earlier losses triggered by news of the investigation. Sunway shares closed unchanged.
Sunway announced the conditional voluntary offer on Jan 12, proposing to acquire IJM at RM3.15 per share. The deal aims to create a construction and property heavyweight with a combined market value nearing RM50 billion, even as authorities continue probing alleged RM2.5 billion money laundering linked to IJM.
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