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Malaysia-based conglomerate Sunway has received overwhelming shareholder approval for its proposed acquisition of IJM Corp, with 99.97 per cent votes in favour at its annual general meeting held in the past few days. The development signals strong investor confidence in Sunway's expansion strategy, particularly in the infrastructure and construction segments. The deal is expected to strengthen Sunway's position in integrated development and engineering capabilities. The acquisition also reflects a broader trend of consolidation in Malaysia's construction sector, as companies look to scale operations and improve project execution capacity.
Malaysia-based conglomerate Sunway Group has secured shareholder approval for its proposed takeover of IJM Corporation Berhad, with an overwhelming 99.97 per cent of votes cast in favour during its annual general meeting held in the past few days. Advertisement
Chairman Jeffrey Cheah stated that the resolution received near-unanimous backing from shareholders, indicating strong support for the group's expansion plan. He conveyed that the approval reflects investor confidence in the strategic direction of the company and its long-term growth prospects.
The proposed acquisition is part of Sunway's broader strategy to strengthen its presence across construction, infrastructure, and property development. IJM Corp has an established portfolio in civil engineering, highways, and large-scale infrastructure projects, making it a key addition to Sunway's integrated business model.
In recent years, Sunway has been actively expanding its footprint across multiple sectors, including real estate, healthcare, and education. The move to acquire IJM aligns with its approach of building scale and improving execution capabilities in large infrastructure and development projects.
The transaction also comes at a time when Malaysia's construction sector is witnessing increased consolidation, driven by the need for stronger balance sheets, improved project delivery, and the ability to undertake complex developments. Industry observers note that such deals are aimed at enhancing operational efficiencies and competitiveness in both domestic and regional markets.
Once completed, the acquisition is expected to enhance Sunway's ability to deliver integrated township and infrastructure projects, while also strengthening its position in Malaysia's evolving real estate and construction landscape.
Source Reuters
5th Jun, 2025
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