Sunway Proposes $2.7 Billion Merger with IJM to Form Malaysia's Largest Construction Firm
Sunway has proposed a $2.7 billion merger with IJM Corporation, aiming to create Malaysia's largest property developer with a combined market cap of $11.7 billion. The acquisition, valued at $0.78 per share, is set to generate a projected revenue of $3 billion for 2024, positioning the new entity ahead of Gamuda in the booming data center and infrastructure market.
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Sunway announced a $2.7 billion takeover of IJM Corporation, aiming to create Malaysia's largest property developer with a market cap of $11.7 billion. The merger would yield a combined revenue of $3 billion for 2024, positioning the new entity ahead of Gamuda.
Sunway plans to acquire IJM at $0.78 per share, offering 10% cash and 90% in shares. Both companies are listed in Fortune's Southeast Asia 500, with Sunway generating $1.7 billion and IJM $1.3 billion in revenue. The merger aligns with Malaysia's booming data center and infrastructure market.
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