Anwar holds all the cards in $3.5b takeover battle that is testing Malay economic clout

IJM is seen as a prize catch amid a business tussle that has triggered graft claims and racial politics over Sunway's Jan 12 takeover bid.

PHOTO: REUTERS

Shannon Teoh

Sunway's RM11 billion takeover bid for IJM Corporation has become a politically sensitive "unwelcome offer," primarily involving shares.
Racial politics, citing Bumiputera interests, led to MACC raids on IJM and its chairman's arrest, raising doubts about the investigation's legitimacy and MACC's independence.
PM Anwar Ibrahim controls state funds owning nearly half of IJM, making his decision crucial amid racial politics and potential reputational harm to Malaysia's corporate sector.

AI generated

KUALA LUMPUR – Malaysian Prime Minister Anwar Ibrahim holds the fate of Sunway’s RM11 billion (S$3.5 billion) takeover bid of IJM in his hands, as racial politics and controversial graft allegations swirl around the deal.

The

Jan 12 offer

by the Sunway conglomerate – founded by tycoon Jeffrey Cheah – for IJM Corporation, one of Malaysia’s leading construction and property firms, has triggered a frenzy of activity in what industry executives describe as an “unwelcome offer” that has quickly become a politically sensitive corporate development. State investment funds under Datuk Seri Anwar’s control own nearly half of IJM.

See more on

Malaysia

Malaysian politics

Malaysian economy

Anwar Ibrahim

Corruption