Jeffrey Cheah rejects claims of coercion in Sunway’s IJM bid, says offer follows open market principles
PETALING JAYA, Feb 28 — Sunway Group founder and chairman Tan Sri Dr. Jeffrey Cheah has strongly denied allegations that the company’s takeover offer for IJM Corporation Berhad involved any form of coercion, stressing that the proposal was made in accordance with standard market practices and regulatory requirements.
He said the offer was based on commercial considerations and complied fully with guidelines set by the Securities Commission Malaysia, adding that shareholders remain free to make their own decisions.
According to Cheah, stock market transactions operate on a voluntary basis, where buyers may present offers but sellers retain the right to accept or decline.
He said Sunway identified IJM as a company with strong strategic value and believed the timing was appropriate to make the offer.
Cheah noted that IJM shareholders have until April 6 to review the proposal and determine whether they wish to participate.
He added that Sunway is prepared to withdraw the offer if it does not receive sufficient acceptance, reinforcing that the process does not involve any pressure.
He made the comments following the launch of Sunway Healthcare Holdings’ prospectus ahead of its upcoming listing on Bursa Malaysia.
Sunway Healthcare IPO to generate RM833 million for expansion
In a separate development, Sunway Healthcare Holdings plans to raise RM833.3 million through its initial public offering scheduled for March 18.
The offering includes nearly two billion shares, consisting of both newly issued shares and existing shares, priced at RM1.45 each.
The majority of the funds will be used to expand healthcare facilities, while the remainder will cover financial commitments and listing expenses.
The IPO represents a key step in strengthening Sunway’s position in the healthcare sector.
Sunway to keep education division private under foundation
Cheah also confirmed that there are no plans to list Sunway Education Group on the stock exchange.
Despite strong valuation interest, he said the group decided to keep the education arm under the Jeffrey Cheah Foundation to maintain its focus on academic development.
He emphasised that the education division is intended to serve society rather than operate solely as a profit-driven business.
Cheah also expressed confidence in the future of Sunway University, stating that the institution aims to be ranked among the world’s top 200 universities by 2030.
The plan reflects Sunway’s broader commitment to balancing business growth with long-term contributions to education and community development.
-wilayah.com.my
