Malaysia's MACC probes Sunway's acquisition of IJM shares: NST

Malaysia's MACC probes Sunway's acquisition of IJM shares: NST

Malaysia’s MACC Probes Sunway’s Acquisition of IJM Shares, Clouding RM11 Billion Takeover Deal

The Malaysian Anti-Corruption Commission (MACC) has initiated an investigation into Sunway’s proposed RM11 billion acquisition of IJM Corporation Berhad (IJM), casting uncertainty over the landmark takeover bid and raising concerns about its regulatory and financial implications. The probe, first reported by the , has intensified scrutiny of the transaction, which has already faced delays and governance challenges.

Sunway’s bid, announced in late 2025, aims to consolidate its position in Malaysia’s construction and infrastructure sectors by acquiring IJM, a major player in civil engineering and property development. However, the MACC’s intervention has introduced regulatory risks, with analysts noting potential delays in approval processes and increased due diligence requirements.

IJM’s chairman, who was detained by MACC investigators in early February 2026, has since been released, according to a Bloomberg report. While no formal charges have been disclosed, the probe is believed to focus on alleged irregularities linked to the share acquisition process. IJM’s chairman has denied involvement in daily operations, though this statement has yet to resolve investor concerns.

The investigation underscores broader challenges in Malaysia’s corporate governance landscape. Sunway’s RM11 billion offer, initially seen as a strategic move to expand market share, now faces heightened scrutiny amid calls for transparency. Financial analysts caution that prolonged regulatory delays could deter future cross-industry mergers, impacting broader market confidence.

As the MACC’s probe unfolds, stakeholders are closely monitoring developments, with potential implications for IJM’s operations, Sunway’s strategic ambitions, and Malaysia’s corporate regulatory framework. Updates on the investigation’s findings or regulatory rulings are expected to shape the deal’s trajectory in the coming months.

First reported by the : New Straits Times (Feb 2026)
Analysts noting potential delays: New Straits Times (Jan 2026)
According to a Bloomberg report: Bloomberg (Feb 2026)
Denied involvement in daily operations: New Straits Times (Feb 2026)