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.

Event-Driven

<ul>
<li>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> Board unanimously recommends that the shareholders REJECT <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 cash/scrip conditional voluntary offer. </li>
<li>Sunway has justification to take issue with the independent adviser’s valuation of RM5.84 and RM6.48 per share. However, Sunway has few credible options to respond. </li>
<li>The most likely outcome is that Sunway’s RM3.15 offer lapses on 6 April. IJM is now primarily a back-end valuation play with limited downside at the last close.</li>
</ul>


The Ijm Corp Bhd (IJM MK) Board unanimously recommends that the shareholders REJECT Sunway Bhd (SWB MK)’s cash/scrip conditional voluntary offer. 
Sunway has justification to take issue with the independent adviser’s valuation of RM5.84 and RM6.48 per share. However, Sunway has few credible options to respond. 
The most likely outcome is that Sunway’s RM3.15 offer lapses on 6 April. IJM is now primarily a back-end valuation play with limited downside at the last close.


IJM Corp (IJM MK): Sunway Running Out of Options as Focus Shifts to the Back-End Valuation

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<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> 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>On the 20th January, IJM confirmed it had met with Malaysia’s anti-graft body. Sunway is still  proceeding with the Offer. The Offer Doc is out. And now is the Circular.</li>
<li>
This Circular is largely a nothing burger.  If Jeffrey Cheah (60.5% holder in Sunway) says yes, the transaction proceeds. The key Independent Advice Circular is due before the 16th March. </li>
</ul>


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.
On the 20th January, IJM confirmed it had met with Malaysia’s anti-graft body. Sunway is still  proceeding with the Offer. The Offer Doc is out. And now is the Circular.

This Circular is largely a nothing burger.  If Jeffrey Cheah (60.5% holder in Sunway) says yes, the transaction proceeds. The key Independent Advice Circular is due before the 16th March. 


IJM (IJM MK): 26th March Sunway Vote. Independent Advice Still Pending

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sunway-bhd" target="_blank" data-smartkarma-citation="entities:11025:1" rel="noopener">Sunway Bhd (SWB MK)</a> released its circular regarding its cash/scrip conditional voluntary 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>, valued at RM3.15. The Sunway EGM is on 26 March. </li>
<li>Sunway shareholder approval will be forthcoming. The satisfaction of the 50% minimum acceptance condition, the key risk, is largely a political call which can go either way.</li>
<li>Risk/Reward is favourable. The shares trade marginally above the "true" undisturbed price while the gross spread at last close is 35.2% (23.8% based on Sunway’s last close). </li>
</ul>



Sunway Bhd (SWB MK) released its circular regarding its cash/scrip conditional voluntary offer for Ijm Corp Bhd (IJM MK), valued at RM3.15. The Sunway EGM is on 26 March. 
Sunway shareholder approval will be forthcoming. The satisfaction of the 50% minimum acceptance condition, the key risk, is largely a political call which can go either way.
Risk/Reward is favourable. The shares trade marginally above the "true" undisturbed price while the gross spread at last close is 35.2% (23.8% based on Sunway’s last close). 


IJM Corp (IJM MK): Risk/Reward as Sunway’s EGM Set for 26 March

<ul>
<li>Back on the 12th January, <a href="https://www.smartkarma.com/entities/sunway-bhd" target="_blank" data-smartkarma-citation="entities:11025:1" rel="noopener">Sunway (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 (IJM MK)</a>, an uninspiring 14.55% premium to undisturbed. Both companies would benefit from scale.</li>
<li>On the 20th January, IJM confirmed it had met with Malaysia’s anti-graft body.  Sunway subsequently reiterated it intends to proceed with the Offer. </li>
<li>
The Offer Doc is now <a href="https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=154&amp;name=EA_TEN_ATTACHMENTS" target="_blank" rel="noopener">out</a>. However, Sunway has sought an extension to submit an independent advice circular.</li>
</ul>


Back on the 12th January, Sunway (SWB MK) tabled a voluntary RM3.15 cash/scrip Offer for Ijm Corp (IJM MK), an uninspiring 14.55% premium to undisturbed. Both companies would benefit from scale.
On the 20th January, IJM confirmed it had met with Malaysia’s anti-graft body.  Sunway subsequently reiterated it intends to proceed with the Offer. 

The Offer Doc is now out. However, Sunway has sought an extension to submit an independent advice circular.


IJM (IJM MK): Offer Doc Dispatched. Sunway Still To Vote On Terms

<ul>
<li>Back on the 12th January, <a href="https://www.smartkarma.com/entities/sunway-bhd" target="_blank" data-smartkarma-citation="entities:11025:1" rel="noopener">Sunway (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 (IJM MK)</a>, a so-so 14.55% premium to undisturbed. But scale is key here.</li>
<li>Around the 20th January, rumours surfaced of a RM2.5bn money laundering probe into IJM. IJM subsequently confirmed it had met with the MACC, Malaysia’s anti-graft body. Shares declined ~11%. </li>
<li>Sunway has now reiterated it intends to proceed with the Offer. IJM is up ~6%, but still 19% adrift of terms. Perhaps one deal to watch from the spectators' gallery. </li>
</ul>


Back on the 12th January, Sunway (SWB MK) tabled a voluntary RM3.15 cash/scrip Offer for IJM Corp (IJM MK), a so-so 14.55% premium to undisturbed. But scale is key here.
Around the 20th January, rumours surfaced of a RM2.5bn money laundering probe into IJM. IJM subsequently confirmed it had met with the MACC, Malaysia’s anti-graft body. Shares declined ~11%. 
Sunway has now reiterated it intends to proceed with the Offer. IJM is up ~6%, but still 19% adrift of terms. Perhaps one deal to watch from the spectators' gallery. 


IJM (IJM MK): Sunway Snubs Anti-Graft Probe & Proceeds With Offer

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 Corp (IJM MK): Sunway Running Out of Options as Focus Shifts to the Back-End Valuation

Sunway has few credible options to respond. The most likely outcome is that Sunway’s RM3.15 offer lapses on 6 April. IJM is now primarily a back...

Arun George

IJM (IJM MK): 26th March Sunway Vote. Independent Advice Still Pending

I see the gross spread at a whopping 23.2%. Perhaps there is no substance to the anti-graft probe. Perhaps there is. One for the brave. I'm still...

David Blennerhassett

IJM Corp (IJM MK): Risk/Reward as Sunway’s EGM Set for 26 March

The satisfaction of the 50% minimum acceptance condition, the key risk, is largely a political call which can go either way. Nevertheless, the risk...

Arun George

IJM (IJM MK): Offer Doc Dispatched. Sunway Still To Vote On Terms

Ijm's muted response to this Doc dispatch gives pause. Reportedly, there are other suitors. Clearly an anti-graft probe isn't off-putting. Perhaps...

David Blennerhassett

IJM (IJM MK): Sunway Snubs Anti-Graft Probe & Proceeds With Offer

I would not advocate second-guessing Malaysian politics. Despite the large spread, this is probably one to watch from the sidelines.

David Blennerhassett

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