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KUALA LUMPUR (Jan 23): The Employees Provident Fund (EPF) has nibbled more shares in IJM Corporation Bhd (KL:IJM), raising its stake in the construction firm to over 20% following an RM11 billion takeover offer from Sunway Bhd (KL:SUNWAY).
EPF’s direct shareholding in IJM now stands at 20.12%, up 1.69% from 18.43% on the day of Sunway's takeover announcement on Jan 12.
The 59.26 million additional IJM shares were acquired between Jan 13 and Jan 19, IJM’s filings showed.
At the same time, EPF also raised its stake in Sunway by 0.31% to 9.19% on Jan 21, up from 8.88% on Jan 12, according to Sunway's filings.
EPF's moves comes as IJM faces an ongoing probe by the Malaysian Anti-Corruption Commission (MACC). Separately, Sunway has said that its cash-and-share offer — valued at RM3.15 per IJM share — is proceeding despite the investigation, and it will seek the approval of its shareholders at a later date.
Should Sunway fail to obtain shareholder approval, it would be barred from making a fresh takeover attempt for 12 months, analysts noted.
Meanwhile, Prudential plc has ceased to be a substantial shareholder in IJM after disposing of 4.19 million shares on Jan 21 via Eastspring Al-Wara’ Investments Bhd’s managed funds.
The sale brought its deemed interest to 172.32 million shares and below the 5% threshold.
Prudential previously held an indirect 5.04% stake, or 176.5 million IJM shares, before the disposal.
As it stands, EPF is the largest shareholder in IJM. Other shareholders include Kumpulan Wang Amanah (Diperbadankan) (9.64%), as well as Permodalan Nasional Bhd, together with its funds (12.94%), based on IJM's annual report.
The takeover values IJM at RM11 billion, with the offer comprising 31.5 sen in cash and 0.501 new Sunway share issued at RM5.65 apiece per IJM share.
In other words, each 1,000 IJM shares entitles its holder to RM315 in cash and 501 Sunway shares worth RM2,835.
The MACC on Thursday (Jan 22) confirmed cooperation with the UK Serious Fraud Office (SFO) in investigating allegations of a RM2.5 billion money laundering scheme involving IJM-linked individuals.
Earlier, Bernama reported that the MACC had frozen RM15.8 million across 55 private and related company bank accounts.
IJM later clarified that fewer than 10 accounts had been frozen and said its operations remain unaffected. It also denied any involvement in money laundering.
Following the probe revelation, IJM’s shares plunged to as low as RM2.44 on Wednesday, The counter closed on Friday at RM2.64, valuing the group at RM9.63 billion.