KUALA LUMPUR, Jan 21 — Sunway Bhd said the conditional voluntary take-over offer to acquire all the 3.51 billion ordinary shares in IJM Corporation Bhd at an offer price of RM3.15 per share is proceeding.

In a filing with Bursa Malaysia today, the diversified group said the proposed offer is proceeding in accordance with the rules on take-overs, mergers and compulsory acquisitions issued by the Securities Commission Malaysia.

“The proposed offer is subject to the approval of the shareholders of Sunway to be sought at an extraordinary general meeting of Sunway to be convened,” it added.

On January 12, Sunway proposed a conditional voluntary takeover offer to acquire the entire 3.51 billion shares in IJM at an offer price of RM3.15 per share. It said it may nominate a wholly owned subsidiary as the recipient of the offer shares.  

Sunway said assuming full acceptance of the proposed offer and no adjustments are made to the offer price, the total consideration for the proposed offer will be about RM11 billion, which will be satisfied via a combination of cash and the issuance of new ordinary shares in the group. — Bernama