PNB MINORITY SHAREHOLDER, NO CONTROL OVER IJM DECISIONS – FADILLAH

KUALA LUMPUR, Feb 4 (Bernama) -- Permodalan Nasional Berhad (PNB) has no influence over any corporate decisions of IJM Corporation Bhd (IJM) as it is only a minority shareholder, Deputy Prime Minister Datuk Seri Fadillah Yusof said.

He said PNB holds a stake of less than 13.5 per cent in IJM, and therefore does not have the capacity to determine IJM’s direction or strategic decisions.

“This approach is in line with normal capital market practices, where an open offer is assessed individually by each shareholder,” he said in winding up the debate on the motion of thanks for the royal address for the Energy Transition and Water Transformation Ministry (PETRA) in the Dewan Rakyat today.

Fadillah, who is also the Minister of Energy Transition and Water Transformation, explained that Sunway Bhd’s offer is a voluntary general offer, meaning an offer made equally to all IJM shareholders.

“This voluntary general offer is not a transaction negotiated with any particular shareholder and is not an offer targeted at PNB or any other institution. In addition, any other interested party may submit a competitive alternative offer,” he said.

He said that PNB, as one of IJM’s shareholders, is merely a recipient of the offer in the same position as all other shareholders.

At the same time, Fadillah said the government will not interfere in any investigations related to allegations of money laundering and corruption involving multi-billion-ringgit investment transactions linked to IJM and Sunway Bhd.

He said the matter will be fully left to the Malaysian Anti-Corruption Commission (MACC) for further action.

Previously, it was reported that the MACC is focusing on allegations involving IJM in connection with a purported RM2.5 billion money laundering scheme and has identified a top management member of the company bearing the title “Tan Sri” and a company adviser as persons of interest.

The MACC is also examining allegations of share price manipulation, believed to have occurred when the Sunway Group was attempting to take over IJM through a deal valued at RM11 billion.

-- BERNAMA