Malaysia’s IJM Corp said on Monday it was exploring listing its construction division, months after a failed bid from larger rival Sunway to take over the conglomerate.
IJM, one of Malaysia’s leading conglomerates, said that as part of the process, it would engage with and also appoint “relevant parties” to help the firm with possible options.
Earlier this year, local media reports showed that a possible listing of the construction unit could raise around 1.2 billion Malaysian ringgit ($293.40 million), unlocking up to 4 billion ringgit in equity value.
IJM said no decision had been made yet, while adding that any listing plan would require further evaluation by the company.
IJM’s construction arm accounted for over 40% of the group’s 2025 revenue.
Sunway’s $2.7 billion bid for 43-year-old IJM lapsed earlier this year after failing to meet the acceptance condition.
($1 = 4.0900 ringgit)
Reuters
