Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
33.43%. That's the only number that matters as <a href="https://www.smartkarma.com/entities/sunway-bhd" target="_blank" data-smartkarma-citation="entities:11025:1" rel="noopener">Sunway Bhd (SWB MK)</a>'s conditional Offer for <a href="https://www.smartkarma.com/entities/ijm-corp-bhd" target="_blank" data-smartkarma-citation="entities:16784:1" rel="noopener">IJM Corp Bhd (IJM MK)</a> lapsed on the last closing day.</li>
<li>My initial optimism that this transaction could get up was misplaced after EPF (20.52% stakeholder)) followed in PNB (13.3%)'s footsteps and rejected terms last week</li>
<li>Now what? The deal failure was well telegraphed. Comps/KLCI are down 6%/1% since the Offer was announced versus 14% for IJM. The MACC probe did, however, no favours.</li>
</ul>



33.43%. That's the only number that matters as Sunway Bhd (SWB MK)'s conditional Offer for IJM Corp Bhd (IJM MK) lapsed on the last closing day.
My initial optimism that this transaction could get up was misplaced after EPF (20.52% stakeholder)) followed in PNB (13.3%)'s footsteps and rejected terms last week
Now what? The deal failure was well telegraphed. Comps/KLCI are down 6%/1% since the Offer was announced versus 14% for IJM. The MACC probe did, however, no favours.


IJM (IJM MK): Limited Downside As Sunway's Offer Lapses

<ul>
<li>Yesterday (26th March), <a href="https://www.smartkarma.com/entities/sunway-bhd" target="_blank" data-smartkarma-citation="entities:11025:1" rel="noopener">Sunway (SWB MK)</a> shareholders approved (99.27% FOR) the Offer for <a href="https://www.smartkarma.com/entities/ijm-corp-bhd" target="_blank" data-smartkarma-citation="entities:16784:1" rel="noopener">Ijm (IJM MK)</a>. This was a simple majority (50%) vote, or ordinary resolution. Jeffrey Cheah holds 60.5%.</li>
<li>
What now? The Offer is conditional on  a 50% acceptance hurdle and 13.7% of shares out - up until the 26th March - have tendered. </li>
<li>The 6th April is labelled the "First Closing Date"; but effectively the last day for the Offer to turn unconditional. At a ~24% gross spread, this could/should still get up. </li>
</ul>


Yesterday (26th March), Sunway (SWB MK) shareholders approved (99.27% FOR) the Offer for Ijm (IJM MK). This was a simple majority (50%) vote, or ordinary resolution. Jeffrey Cheah holds 60.5%.

What now? The Offer is conditional on  a 50% acceptance hurdle and 13.7% of shares out - up until the 26th March - have tendered. 
The 6th April is labelled the "First Closing Date"; but effectively the last day for the Offer to turn unconditional. At a ~24% gross spread, this could/should still get up. 


Sunway Greenlights IJM (Of Course). Tendering Closes On The 6th April

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>As expected, the <a href="https://www.smartkarma.com/entities/sunway-bhd" target="_blank" data-smartkarma-citation="entities:11025:1" rel="noopener">Sunway Bhd (SWB MK)</a> EGM vote on the <a href="https://www.smartkarma.com/entities/ijm-corp-bhd" target="_blank" data-smartkarma-citation="entities:16784:1" rel="noopener">Ijm Corp Bhd (IJM MK)</a> offer passed. The results showed that neither EPF nor PNB cast a NO vote.</li>
<li>As of 26 March, Sunway has received acceptances representing 13.63% of IJM’s outstanding shares. As PNB will not accept, the required minority acceptance rate to meet the minimum is 50%.</li>
<li>If EPF and KWAP intentions align with PNB, the required minority acceptance rate rises to 84%. Therefore, the satisfaction of the 50% minimum acceptance condition remains a long shot.</li>
</ul>


As expected, the Sunway Bhd (SWB MK) EGM vote on the Ijm Corp Bhd (IJM MK) offer passed. The results showed that neither EPF nor PNB cast a NO vote.
As of 26 March, Sunway has received acceptances representing 13.63% of IJM’s outstanding shares. As PNB will not accept, the required minority acceptance rate to meet the minimum is 50%.
If EPF and KWAP intentions align with PNB, the required minority acceptance rate rises to 84%. Therefore, the satisfaction of the 50% minimum acceptance condition remains a long shot.


IJM Corp (IJM MK): Takeaways from the Sunway EGM and Latest Acceptances

<ul>
<li>On the 12th January 2026, <a href="https://www.smartkarma.com/entities/sunway-bhd" target="_blank" data-smartkarma-citation="entities:11025:1" rel="noopener">Sunway Bhd (SWB MK)</a> launched a voluntary RM3.15 cash/scrip Offer for <a href="https://www.smartkarma.com/entities/ijm-corp-bhd" target="_blank" data-smartkarma-citation="entities:16784:1" rel="noopener">IJM Corp Bhd (IJM MK)</a>, a 14.55% premium to undisturbed.</li>
<li>IJM subsequently confirmed on the 20th January it had met with the Malaysian Anti-Corruption Commission (MACC). Undeterred, Sunway reiterated it intended to proceed with the Offer. </li>
<li>
The MACC has now cleared IJM. No clarification whether Chairman Tan Sri Krishnan Tan has also been cleared. This development will reinforce the independent advisor's and PNB's rejection of terms.</li>
</ul>


On the 12th January 2026, Sunway Bhd (SWB MK) launched a voluntary RM3.15 cash/scrip Offer for IJM Corp Bhd (IJM MK), a 14.55% premium to undisturbed.
IJM subsequently confirmed on the 20th January it had met with the Malaysian Anti-Corruption Commission (MACC). Undeterred, Sunway reiterated it intended to proceed with the Offer. 

The MACC has now cleared IJM. No clarification whether Chairman Tan Sri Krishnan Tan has also been cleared. This development will reinforce the independent advisor's and PNB's rejection of terms.


<ul>
<li>Back on the 12th January 2026, <a href="https://www.smartkarma.com/entities/sunway-bhd" target="_blank" data-smartkarma-citation="entities:11025:1" rel="noopener">Sunway Bhd (SWB MK)</a> tabled a voluntary RM3.15 cash/scrip Offer for <a href="https://www.smartkarma.com/entities/ijm-corp-bhd" target="_blank" data-smartkarma-citation="entities:16784:1" rel="noopener">Ijm Corp Bhd (IJM MK)</a>, a so-so 14.55% premium to undisturbed.</li>
<li>The independent advisor concluded terms were not fair and not reasonable with a punchy RM5.84-RM6.48/share fair value range.  State-owned fund manager PNB (13.3% shareholder) concurred and announced it won't tender. </li>
<li>IJM is down 16% since reports emerged of an alleged money laundering Scheme. IJM denies any wrongdoing. The IA flagged MACC's investigation could affect IJM's pricing. You think? </li>
</ul>


Back on the 12th January 2026, Sunway Bhd (SWB MK) tabled a voluntary RM3.15 cash/scrip Offer for Ijm Corp Bhd (IJM MK), a so-so 14.55% premium to undisturbed.
The independent advisor concluded terms were not fair and not reasonable with a punchy RM5.84-RM6.48/share fair value range.  State-owned fund manager PNB (13.3% shareholder) concurred and announced it won't tender. 
IJM is down 16% since reports emerged of an alleged money laundering Scheme. IJM denies any wrongdoing. The IA flagged MACC's investigation could affect IJM's pricing. You think? 


IJM (IJM MK): The IA & PNB Reject Sunway's Offer Despite MACC Probe

Malaysia

IJM Corporation Berhad is an investment holding company that provides construction services.  The Company, through its subsidiaries, operates in property development, provides quarrying services, manufactures and sells premix products, cultivates oil palm, and provides education services.

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Ijm Corp Bhd (IJM MK)

IJM (IJM MK): Limited Downside As Sunway's Offer Lapses

IJM is down 14% since the Offer was tabled vs. 6% for IA peers. Downside is limited. Tendered shares to be returned in ~10-14 days. There could be...

David Blennerhassett

Sunway Greenlights IJM (Of Course). Tendering Closes On The 6th April

The gross spread to terms remains at a hefty - and stubborn - ~24%. Despite the IA's and PNB's rejection, that wide spread may/should be attractive...

David Blennerhassett

IJM Corp (IJM MK): Takeaways from the Sunway EGM and Latest Acceptances

The passing of the Sunway vote was expected. The EGM results and offer acceptances suggest that meeting the 50% minimum condition remains a long...

Arun George

MACC Clears IJM Corp (IJM MK)

The gross spread remains chunky at ~23%. IJM is down 12% since the Offer was announced. Sunway and peers are down 6% and 2%. The IA analysis to be...

David Blennerhassett

IJM (IJM MK): The IA & PNB Reject Sunway's Offer Despite MACC Probe

The gross spread may be enough for Sunway to secure control. I find the IA analysis to be flawed. The anti-graft probe? Perhaps there is no...

David Blennerhassett

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