<div id="readability-page-1"><div>SINGAPORE – Malaysia’s construction heavyweights Sunway and IJM Corporation both suspended trading in their shares on Jan 12, reigniting long-running market speculation over a potential merger between the two diversified groups.In separate filings to Bursa Malaysia, the companies said trading in their shares would be halted pending major announcements. Trading in structured warrants linked to both counters was also suspended at the same time.The twin suspensions have brought renewed attention to merger talk that has circulated since 2021, when Sunway first emerged as a substantial shareholder in IJM with a 5.02 per cent stake. While that holding has since fallen below the substantial shareholder threshold in 2023, the link has continued to fuel investor speculation about a possible corporate tie-up between two of Malaysia’s most prominent property and construction players.Both companies have consistently denied such talk. As recently as November 2025, IJM moved to quash market rumours following media reports suggesting confidential discussions with Sunway. In a filing then, IJM said its board “is not aware of any such proposal and has not been approached regarding a potential merger”. Sunway, in a separate clarification, said it had not engaged in any negotiations or discussions with IJM.Sunway shares closed at RM5.60 on Jan 9, valuing the group at a market capitalisation of RM38.1 billion (S$12 billion) and about 33.3 times trailing earnings. The stock has rallied in recent months amid anticipation of the planned listing of its healthcare arm. IJM shares last traded at RM2.75, giving it a market value of around RM10 billion and a trailing price-earnings multiple of 23.9 times.If a merger materialises, it is expected to create Malaysia’s largest construction-anchored conglomerate by market value. Beyond scale, such a deal would bring together complementary asset bases. A merger would synergise IJM’s heavy infrastructure portfolio – spanning ports, highways, and plantations – with Sunway’s diverse portfolio, including healthcare, education, and retail. This consolidation would create a highly diversified conglomerate with an expanded footprint across the regional market.Large-scale mergers among Malaysian property and construction groups are rare, but not unprecedented. In 2010, UEM Land Holdings, backed by sovereign fund Khazanah Nasional, launched a landmark nearly RM1.4 billion takeover of Sunrise, a deal completed in 2011 that created UEM Sunrise.IJM is a diversified group spanning construction, property, industry and infrastructure, with IJM Land among the country’s largest township and mixed-use developers. Its Johor portfolio includes the Sebana Cove integrated golf, marina, resort and residential township near Pengerang, as well as urban residential projects such as Austin Duta in the Johor Bahru growth corridor. The group has developments in Penang, Greater Kuala Lumpur, Negeri Sembilan, Johor, Sabah and Sarawak.Sunway, meanwhile, is anchored by its “build-own-operate” township model. In Johor, its flagship Sunway City Iskandar Puteri occupies about 730ha along the Iskandar Puteri waterfront. The group is also developing a RM4 billion transit-oriented mixed-use project with MRT Corp at Bukit Chagar, positioned to benefit from the upcoming RTS link to Singapore.Regionally, Sunway has expanded aggressively in Singapore through its Sunway MCL arm. Following the landmark RM2.4 billion acquisition of Hongkong Land’s MCL Land business in 2025, the group’s attributable project value in the city-state has surged to nearly RM15 billion, cementing its status as a major regional player.Sunway has also unveiled plans to list its healthcare arm by early 2026 in a deal expected to raise more than RM3 billion, potentially marking Malaysia’s largest IPO since 2017 – adding another strategic dimension as investors await details behind Monday’s trading halt. THE BUSINESS TIMES</div></div>

尚緯股份

馬來西亞的建築巨頭尚緯股份和 IJM 公司已暫停其股票交易，引發了關於潛在合併的猜測。這一情況發生在自 2021 年以來的合併談判歷史之後，當時尚緯收購了 IJM 5.02% 的股份。兩家公司均否認了任何合併討論。如果合併發生，可能會形成馬來西亞最大的建築集團，將 IJM 的基礎設施資產與尚緯多元化的投資組合結合起來。此次交易暫停引起了關注，因為尚緯計劃上市其醫療保健部門，可能籌集超過 30 億馬幣

馬來西亞的建築巨頭 Sunway 和 IJM 公司暫停交易：是否即將發生大規模合併？