GEORGE TOWN, March 29 – The Penang Malay Association (PEMENANG) has voiced concern over Sunway Bhd’s proposed voluntary general offer to acquire IJM Corporation Bhd.
Warning it could affect Bumiputera corporate equity interests. The group noted that Bumiputera ownership in listed companies remains relatively small.
With many stakes held through government-linked entities such as Permodalan Nasional Berhad (PNB), which currently holds less than 13.5% in IJM.
PEMENANG urged authorities, particularly the Finance Ministry, to closely monitor the proposed acquisition to safeguard Bumiputera interests.
The association suggested forming a monitoring committee comprising economic experts to review the offer and ensure any decision does not disadvantage PNB or Bumiputera shareholders,
While maintaining transparency and strong corporate governance.
