Dead on arrival
Not-so-gentle reminder of who (or what) controls Corporate Malaysia.
And we have a Tuesday short. A topical one to boot.
🚀 First, Sunday’s backgrounder, in case you missed it:
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Jeffrey Cheah failed to secure IJM.
Despite everything the Sunway founder and his sidekick Idris Jala threw at it — a media blitz, podcast rounds, even desperate night calls to retail investors — the deal officially lapsed.
Sunway needed 50% plus one share of IJM, but they only managed 33.43%.
The failure was guaranteed the moment the major government-linked investment companies (GLICs) rejected the offer: EPF (20.5%), PNB (13.5%), and KWAP (9.6%) collectively held roughly 45% to 49% of IJM.
Sunway could not bypass them and that is the end of the story, for now.
But the bid is a perfect illustration of the structural realities of Corporate Malaysia.
Three in particular: