IJM probe rocks Sunway mega-merger
Malaysia's largest construction deal runs into a snag.
It's a topical one today. Construction companies don't get much airtime here unless they're data centre-related.
But today is an exception because it involves two of the largest firms, Sunway and IJM.
🚀 Before we get to the heart of the matter, some ICYMIs:
Teasers? Well those two editions have, among other things, tycoon Tong Kooi Ong’s latest corporate overtures and also the surprise ownership of a Kuala Lumpur-based VC firm.
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Yesterday, the Malaysian Anti-Corruption Commission (MACC) confirmed it’s investigating IJM chairman Krishnan Tan and company adviser Seow Wah Chong for alleged RM2.5 billion money laundering and possible share price manipulation.
Both men are reportedly overseas.
News portal Scoop was the first to publish the story, but once other news publications picked it up, the firm’s stock tanked 16% before recovering to close down 5.4% at RM2.65.
Bursa Malaysia suspended intra-day short selling of IJM shares for the remainder of the trading day.
The probe seems to be part of a wider multinational investigation and while it may only centre around IJM’s key men, there are concerns about what this means for the RM11 billion mega-merger between the firm and conglomerate Sunway.