KUALA LUMPUR, March 26 — Sunway Bhd’s shareholders have overwhelmingly approved the company’s bid to take over construction giant IJM Corporation Bhd, founder and chairman Tan Sri Jeffrey Cheah said today.

However, the deal faces a significant hurdle as a key IJM shareholder, Permodalan Nasional Bhd (PNB), has already rejected the offer, making a full acquisition impossible.

Speaking after an extraordinary general meeting (EGM) on Thursday, Cheah confirmed that “virtually all” shareholders present voted in favour of proceeding with the takeover offer, Free Malaysia Today reported.

In a related development, Cheah also disclosed that Sunway’s board has been cleared by the Malaysian Anti-Corruption Commission (MACC), which had been investigating the proposed deal.

“The group had received a letter from the MACC clearing the board of any wrongdoing in its investigation,” he said.

The takeover’s future became uncertain earlier this month when PNB, which holds a 13.5 per cent stake in IJM, announced it would not accept Sunway’s offer.

While Sunway only needs to secure acceptances for 50 per cent plus one share for the offer to become unconditional, PNB’s rejection makes it impossible for the group to reach the 90 per cent threshold required to delist IJM and take it private.

Sunway launched its conditional voluntary takeover offer on January 12, proposing to acquire all 3.51 billion shares in IJM for RM3.15 per share. The acceptance period for the offer is set to close on April 6.

The MACC’s involvement was previously confirmed by its chief commissioner, Tan Sri Azam Baki, who said the agency was looking into potential bribery and governance concerns surrounding the corporate exercise.