Sunway reiterated that 99.27% of its shareholders voted in favour of the takeover, saying this reflected strong belief in the strategic and commercial rationale of the offer.
In a statement, it said its proposal was guided by a clear principle, namely to create long-term strategic and sustainable value for Sunway’s stakeholders.
“It was structured to enable shareholders to participate in the future growth of a larger, more resilient ‘national entity’ anchored on strong fundamentals and a proven track record of delivery.
“We respect the decision of IJM shareholders and the outcome of the process. In any transaction of this scale, differing perspectives are natural, and we acknowledge the robust public discourse that accompanied the offer.
“We would like to express our sincere appreciation to all our stakeholders, partners, friends, and the approximately 33% of IJM shareholders who accepted our offer. We are grateful for their confidence and support in Sunway’s vision and proposal,” it said.
Sunway added that the level of interest and public discourse the takeover offer generated allowed the company to present its case clearly, but also reflected the strength of the Malaysian capital market.
Moving forward, it said its focus remained on executing its business strategy and delivering value across its integrated businesses.
“We will continue to build on our strengths, pursue opportunities with discipline, and remain committed to creating long-term value for our stakeholders, the communities we serve and the nation at large.”
On Jan 12, Sunway made a conditional voluntary takeover offer for all 3.51 billion shares in IJM at RM3.15 per share.
The offer lapsed at 5pm yesterday after Sunway failed to obtain more than 50% of the voting shares.
IJM is essentially owned by various institutional funds, with EPF being its biggest shareholder with a 16.8% stake. It had urged shareholders to reject the takeover offer, labelling it as unfair and unreasonable.
Last month, Permodalan Nasional Bhd, IJM’s second-largest shareholder, decided not to accept Sunway’s offer for its 13.5% stake in the conglomerate.