Sunway Bhd has proposed a conditional voluntary take-over offer to acquire all shares in IJM Corp Bhd at RM3.15 per share, valuing IJM at about RM11 billion if the offer is fully accepted.

In a filing with Bursa Malaysia, Sunway said the offer covers 3.505 billion IJM shares in issue, excluding treasury shares. Sunway currently does not own any IJM shares.

Under the proposed structure, accepting shareholders will receive 10% of the offer price in cash, amounting to RM0.315 per IJM share, with the remaining 90% or RM2.835 to be settled through newly issued Sunway shares priced at RM5.65 each. For example, an IJM shareholder holding 1,000 shares would receive RM315 in cash and 501 new Sunway shares. Cash amounts will be rounded down to the nearest sen, while fractional Sunway shares will be rounded down to the nearest whole share.

The offer is conditional on Sunway securing acceptances that result in it holding more than 50% of IJM’s voting shares by the closing date. It is also subject to regulatory approvals, including Bursa Securities’ approval for the listing of the new Sunway shares and approval from Sunway shareholders at an extraordinary general meeting.

Sunway said the RM3.15 offer represents a premium of between 14.55% and 27.99% over IJM’s last traded price and selected volume-weighted average prices up to Jan 9. The group said the proposed acquisition would combine the strengths of both companies, creating a larger property and construction group with stronger scale and resilience amid challenging macroeconomic conditions.

If IJM fails to meet public shareholding spread requirements after the offer, Sunway may seek to delist the company. Should acceptances reach at least 90%, Sunway intends to invoke compulsory acquisition provisions under the Capital Markets and Services Act 2007.

Sunway said IJM would continue operating as a separate subsidiary, with no immediate plans for major restructuring or workforce reductions, while an integration committee would later assess potential operational synergies.

Taman Sinar Putra, a freehold landed residential development by IMG Incorporated Sdn. Bhd. (a subsidiary of Oriental Max Group) in Nibong Tebal. Located near the main federal trunk road connecting Penang and Perak (Route 1), less than 2km away from Penang/Perak border. It is surrounded by several mature communities, namely Taman Sinar, Taman Seri Acheh and Taman Fajar.

The development comprises 141 units of 2-storey landed houses with a community hall:

• 2-storey terrace (116 units)
• 2-storey semi-detached (22 units)
• 2-storey bungalow (3 units)

Project Name : Taman Sinar Putra
Location : Nibong Tebal
Property Type : Residential
Tenure: (to be confirmed)
Built-up Size: (to be confirmed)
Total Units: 116 (terrace), 22 (semi-d), 3 (bungalow)
Indicative Price : RM568,000 onwards
Developer : IMG Inforporated Sdn. Bhd. (Oriental Max Group)

About Avion Residence

Avion is a serviced residence project by Rackson Group in Bayan Lepas, located opposite Penang International Airport and part of the Penang Gateway development. It comprises a 36-storey commercial building with 608 serviced suites above an eight-level car park, with unit sizes ranging from 488 sq ft to 1,328 sq ft. The project includes a proposed link bridge to the future LRT station at the airport and will also accommodate a Le Méridien hotel within the same building.

*Photo taken in Dec 2025

Find out more about Avion Residence

The proposal requiring motorists to scan a QR code before crossing the new Gurney Bridge to Andaman Island has been withdrawn, following concerns over public access.

Rajendran Anthony, mayor of the Penang Island City Council, said the bridge is intended to function as a public road once opened to traffic, making compulsory registration unsuitable. He added that the bridge, built by the developer, has yet to be officially handed over to the Penang government or placed under the council’s administration, as the handover process is still ongoing.

“The QR code requirement has been removed with immediate effect,” Rajendran told FMT.

The 1.2km, eight-lane bridge links the Gurney Bay waterfront to the Andaman Island development and has quickly become popular with motorists seeking to bypass congestion along Tanjung Tokong. Some users have also been stopping along the span to enjoy sea views, with parked vehicles, foldable chairs and picnic items turning parts of the walkway into informal leisure spots.

While the developer had allowed public access during set hours and conducted regular patrols, frequent stopping by vehicles sparked online debate over safety and legality, leading to the short-lived QR code registration measure.

Rajendran said the bridge plays a key role in easing traffic congestion in Tanjung Tokong, noting that traffic volume along Jalan Tanjung Tokong has dropped significantly since the bridge opened, providing motorists with a much-needed alternative route.

Penang has kicked off the New Year on a high note, earning a coveted spot on the authoritative CNN/New York Times Places to Visit 2026 listing, alongside 20 other destinations worldwide.

The CNN Travel Team named the state among the top 15 places to travel to, describing Penang as “a taste of history.”

Under the top 52 places to visit this year (2026), the state was listed with the likes of Adelaide (its sister Australian city), Algeria (nation), Aragon (Spain), East Timor (nation), Brussels (Belgium), Devon (UK), Oulu (Finland), and Philadelphia (US).

Penang was mentioned for its gastronomic treats, with the Peranakan culture singled out, its history, murals as well as a reference to the world-famous shoemaker, Datuk Jimmy Choo, who is originally from Penang.

“Michelin or not, you don’t need to shell out a lot for a great meal in Penang: street stalls, night markets and kopitiams (traditional coffee shops) serve fragrant curries, steaming bowls of laksa, never-too-sweet pandan and coconut cakes, and other mouth-watering fare.

“Between meals, hunt for George Town’s iconic street murals, including one that pays tribute to hometown hero Jimmy Choo,” said the website.

Meanwhile, Penang Global Tourism (PGT) in Facebook posted that the listing is a global recognition of what makes Penang truly special.

“Penang is the only destination in Malaysia to make the list. The reason is because Penang is celebrated as a multicultural city rich in history that continues to honour and celebrate its storied past.

“From layered heritage streets and living traditions to cultures that thrive side by side, Penang’s story isn’t just preserved, it’s lived every day,” PGT said.

Penang was also listed among the 52 places to visit by the New York Times.

Source: Bernama