Sunway Bhd launches unsolicited takeover bid for IJM Corp Bhd

KUALA LUMPUR, Jan 17 — Sunway Bhd has made an unsolicited bid for IJM Corp Bhd, raising questions about whether it constitutes a hostile takeover, according to initial reactions.

The bid was described as "unilateral" and unexpected by sources.

It puts IJM Corp Bhd, a major construction and property firm, into play as a potential acquisition target.

Details of the bid's terms and value have not been disclosed publicly yet.

Market analysts are monitoring the situation for potential impacts on both companies' stock prices.

The move could trigger regulatory scrutiny under Malaysian takeover laws.

IJM Corp Bhd has not issued an official response to the bid as of press time.

Sunway Bhd, a diversified conglomerate, may be seeking to expand its construction and infrastructure portfolio.

This bid follows a trend of consolidation in Malaysia's construction sector in recent years.

Further developments are expected as both companies assess their positions.