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IJM Corporation Bhd (IJM) has clarified that its monetisation strategy following its decision to reject Sunway Bhd’s take-over offer could include listing its construction business and mature highways, as well as potentially divesting its India toll concessions, in line with the group’s planned exit from the country.

IJM confirmed it is assessing the viability of listing its construction business and mature highways as standalone entities.

The group also highlighted the potential divestment of its Indian toll concessions, namely Dewas Bypass Tollway Private Limited and Vijayapura Tollway Private Limited, which were valued using a discounted cash flow (DCF) methodology based on going-concern projections.

The company noted that these plans remain preliminary, and any future divestments will be conducted at prevailing market values on a willing-buyer, willing-seller basis, with independent advice circular (IAC) valuations serving as guidance.

The roadmap is intended to provide shareholders with an alternative path to value realisation while the Sunway offer remains open until April 6, 2026.

Sunway’s conditional voluntary take-over offer (VTO), first announced on January 12 2026, values IJM at RM3.15 per share, payable through 10% cash and 90% new Sunway shares issued at RM5.65 each.

IJM’s board has advised shareholders to reject the offer, describing it as neither fair nor reasonable.

Independent adviser M&A Securities estimated IJM’s fair value at RM5.84 to RM6.48 per share, meaning Sunway’s offer represents a 46% to 51% discount.

IJM board also noted that accepting the offer now could limit shareholders from realising the full value of key assets, including the West Coast Expressway and major UK developments, which are transitioning from investment to operational stages.

The board’s stance was further reinforced after Permodalan Nasional Berhad (PNB) declined to sell its 13.5% stake, a critical block given Sunway’s offer is conditional on acquiring at least 50% plus one share. — TMR

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HEXTAR Capital Berhad (HCB) said that its subsidiary, Legacy Core Sdn Bhd (formerly Civispace Sdn Bhd), has secured a sub-contract worth RM75.9 million for the “Pembinaan Rkat Tambahan Pelbagai Kelas Kem Kabota, Tawau, Sabah” project.

Under the contract, Legacy Core will undertake geotechnical and earth works, pavement, infrastructure works, and related construction activities.

The project is scheduled to start immediately and is expected to be completed by 31 March 2027, with a contract duration of 12 months.

“This milestone marks a strategic advancement for the Group as it accelerates its footprint in East Malaysia. Securing this major project serves as a pivotal step in establishing a stronger operational presence in Sabah,” said HCB MD Johnson Chang.

“As Sabah continues to prioritize infrastructure development and urban growth, this award positions HCB to participate more actively in the state’s expanding construction pipeline. The contract is expected to contribute positively to the Group’s earnings,” hee said. — TMR

The post Hextar Capital bags RM76m Kem Kabota project in Sabah appeared first on The Malaysian Reserve.

THE legal battle for control of NexG BHD has taken a decisive turn as executive chairman and CEO Datuk Abu Hanifah Noordin and shareholder Siti Nur Aishah Ishak have discontinued their lawsuit against the company and seven former directors.

In a filing with Bursa Malaysia today, NexG announced that the plaintiffs filed a notice of discontinuance on March 16, 2026, citing that the “purpose of the writ of summons had already been accomplished.”

The withdrawal of the suit follows the total resignation of all seven defendants named in the legal action.

The exodus began with Datuk Chong Loong Men on March 8, followed by Kunal Tayal on March 10.

The remaining five directors, Badrul Hisham Abdul Aziz, Mohamed Fairuz Mohamed Fauzy, Syed Farid Syed Ahmad Al-Attas, Mohd Zafil Ibrahim, and Aswath Ramakrishnan, all stepped down on March 11.

The lawsuit, originally filed on March 9, was part of a broader push by the founder’s faction to challenge the authority of the board members who had been appointed in late 2025 and who had subsequently suspended Hanifah from his executive duties.

With the resignation of the targeted board members, the legal path has been cleared for the newly reconstituted board, which saw nine new appointments last Friday.

The company confirmed that the suit was discontinued with no order as to costs.

The cessation of the litigation marks a significant de-escalation in the boardroom crisis that has gripped the RM2.4 billion national security contractor over the past several weeks.

It signals that the power struggle has effectively ended in favor of the faction led by Datuk Hanifah and his supporting shareholders.

Investors will now look to the newly minted board to address the company’s operational stability and the “system-wide” financial pressures, including the freezing of various bank and securities accounts, that were highlighted during the peak of the dispute. — TMR

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