The proposed acquisition of IJM Corp is driven by the need for a company of sufficient size to tap into rising investment activity in Malaysia, said Sunway president Datuk Anuar Taib at a briefing on Jan 12.
Malaysia-listed conglomerate Sunway Bhd plans to acquire rival IJM Corporation Bhd in a cash-and-shares deal valued at over RM11 billion ($3.49 billion).
Under the terms of the proposed deal, every 1,000 shares of IJM Corp entitle its holder to RM315 in cash and 501 Sunway shares worth RM2,835. If successful, the combined entity would rival Gamuda Bhd, Malaysia’s largest construction firm by revenue.
