KUALA LUMPUR: Permodalan Nasional Bhd (PNB) has decided not to accept the voluntary takeover offer (VTO) for its 13.5 per cent stake in IJM Corporation Bhd by Sunway Corporation Bhd. PNB said its considerations include several factors, such as its estimation of the underlyingintrinsic value of IJM shares relative to the offer price, the limited cash component of the offer and the estimated value upside of shares to be issued relative to the issue price. "It is not intended to convey influence or imply any expectation regarding how other IJM shareholders should decide. All IJM shareholders should make their own independent assessment,” the statement said. Last Friday, IJM’s independent adviser concluded that the takeover offer by Sunway at RM3.15 per share is not fair and not reasonable and recommended that shareholders reject the offer.

Source: The Star March 16, 2026 15:09 UTC