Trading in the securities of IJM Corporation Berhad and Sunway Berhad was temporarily suspended on Tuesday morning following announcements related to the lapse of Sunway’s takeover bid for IJM.
In a notice, Bursa Malaysia said trading in IJM shares was halted from 9.00am and resumed an hour later at 10.00am. A similar trading halt was also implemented for Sunway to facilitate the release of material announcements.
The brief suspension came after both companies issued statements confirming that Sunway’s conditional voluntary takeover offer for IJM had lapsed following the close of acceptances on April 6.
The trading halt allowed investors time to digest the developments, which mark the conclusion of one of the most closely watched corporate exercises in Malaysia’s construction sector this year.
Sunway had earlier stated that it respected the outcome of the process despite strong backing from its own shareholders, while IJM shareholders ultimately did not accept the offer in sufficient numbers for it to proceed.
Trading in both counters resumed later in the morning as the market reacted to the end of the proposed acquisition.
