The deal will merge two of the country’s leading construction and property firms into one powerhouse valued at nearly RM50 billion
[KUALA LUMPUR] Shares of IJM Corp emerged as one of the most heavily traded counters on Bursa Malaysia on Tuesday (Jan 13), as investors reacted to the massive RM11 billion (S$3.5 billion) merger proposal from Sunway.
Trading activity was marked by intense volatility; after hitting a three-month high of RM2.97 in early trade, the share price fluctuated sharply throughout the session. At closing, the stock had surrendered its early gains, dropping to a low of RM2.74, slightly below its previous pre-suspension price of RM2.75, with more than 125 million shares traded.
The enthusiasm has been far more muted on the other end of the transaction. Sunway shares traded lower earlier in the session before closing nearly 1 per cent higher at RM5.65, with over 22 million shares done.
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