14/01/2026

BIZ & FINANCE WEDNESDAY | JAN 14, 2026

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Sunway launches RM11b takeover offer for IJM

Vantris Energy sells stake in vessel operator PETALING JAYA: Vantris Energy Bhd, formerly known as Sapura Energy Bhd, has divested its 40% equity interest in L&T-Sapura Shipping Pvt Ltd (LTSSPL) which owns and operates the LTS3000 heavy-lift and pipelay vessel, to its joint venture partner Larsen & Toubro Ltd (L&T), for a total consideration of approximately US$30.5 mil lion (RM124 million). The amount consists of equity consideration and the full repayment of the outstanding shareholder’s loan and accrued interests owed to the group. The transaction was executed through the group’s indirect wholly owned subsidiary Sapura Nautical Power Pte Ltd (Singapore). This move marks another step in Vantris Energy’s ongoing efforts to streamline, strengthen, and optimise its asset portfolio, as the group continues to sharpen its focus on core capabilities and wholly owned assets that support long-term value creation. Group CEO Muhammad Zamri Jusoh said the divestment aligns with the organisation’s transformation priorities. “This divestment is another step forward in reshaping Vantris Energy into a more focused, agile and financially resilient organisation. As we realign our portfolio, we are steering capital and attention towards the businesses, assets, and regions where we can compete with strength and deliver sustainable value,” he added. The net proceeds from the proposed disposal will be utilised for operational requirements for the company’s engineering & construction, and operations & maintenance businesses. Following the divestment of its stake in LTS3000, Vantris Energy has four heavy-lift and pipelaying vessels remaining in its fleet.

IJM as Sunway believes that operating IJM as an unlisted company would provide greater flexibility to pursue the long-term strategic direction for the enlarged Sunway Group and would reduce compliance obligations. If Sunway achieves acceptance from at least 90% of the offer shares, Sunway intends to exercise its rights of compulsory acquisition to acquire the remaining shares and proceed with the delisting of IJM from Bursa Securities. Sunway Group president Datuk Anuar Taib said, “Malaysia is well-positioned to benefit from the shifting of global trades towards Asean. Institutional reforms to enhance Malaysia’s competitiveness, together with the establishment of special economic zones, continue to strengthen business confidence and attract foreign and domestic investments. This resulting economic stability strengthens the national resilience through employment creation, investment in advanced technology infrastructure and generating multiplier effects across related industries, including real estate and construction. The proposed corporate exercise is therefore timely and strategic to unlock synergies and value creation that extend beyond the group, and also for the nation.” He added, “Sunway continues to redefine the growth and transformation of a Malaysian conglomerate as it advances its vision to become a leading conglomerate in Asean. As a purpose-driven organisation that is committed to nation-building, this exercise will build a national champion, enhancing the enlarged group’s scale and capability.

the financial year ended March 31, 2025. It also reflects an implied EV/EBITDA multiple of 13.2x and an implied PE ratio of 24.8x, based on the latest trailing 12-month unaudited condensed consolidated financial information up to Sept 30, 2025. The offer price represents a 14.55% premium to the last closing price of IJM of RM2.75 per share, 27.99% premium to the one-month VWAMP of RM2.46 per share, 26.91% premium to the three-month VWAMP of RM2.48 per share and 17.59% premium to the six-month VWAMP of RM2.68 per share. Sunway’s proposed acquisition of IJM is a strategic and transformative initiative aimed at creating Malaysia’s largest property and construction conglomerate group by revenue and total assets. This move is underpinned by several key drivers – enhanced scale and capability as the largest property and construction conglomerate group in Malaysia; combination creates potential synergistic value with further efficiency and operational excellence; and enlarged capitalisation and scale boost financing capabilities and credit strengths. The offer is conditional upon Sunway obtaining valid acceptances resulting in it owning more than 50% of IJM’s voting shares, in addition to securing the relevant regulatory and Sunway’s shareholder approvals. Should the public shareholding spread fall below the prescribed requirements following the offer, Sunway will not be taking any steps to address any shortfall in the public spread of IJM. Accordingly, Sunway may seek to delist

o Consideration to be settled with 10% cash and 90% in new group shares at RM5.65 each

PETALING JAYA: Sunway Bhd announced a conditional voluntary takeover offer to acquire all the ordinary shares in IJM (excluding treasury shares), at an offer price of RM3.15 per share, for a total consideration of approximately RM11 billion. Of this, 10% will be satisfied in cash and 90% via the issuance of new ordinary Sunway shares at RM5.65 per share. For illustrative purposes, for a board lot of 1,000 IJM shares, an IJM shareholder will receive RM315 in cash and approximately RM2,835 in 501 Sunway shares. Fractional entitlements for shares will be disregarded. In total, the consideration will be satisfied via cash of RM1.1 billion and the issuance of RM9.9 billion worth of newly issued shares in Sunway. The cash consideration will be funded through a combination of debt financing and internally generated funds. The total consideration of RM11 billion translates into an implied enterprise value to earnings before interest, tax, depreciation and amortisation (EV/EBITDA) multiple of 11.8x and an implied price-to-earnings (PE) ratio of 27.4x, based on the offer price and IJM’s audited basic earnings per share of 11.5 sen for

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