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SHAH ALAM (May 20): Two investigation papers involving the voluntary acquisition of IJM Corporation (KL:IJM) by Sunway Bhd (KL:SUNWAY) remain open and active following the discovery of elements related to alleged irregularities in the matter.
The thing is which institutional is disposing so heavily. Seems like there's an order in disposing a great no of shares, and I hope it stops at 2.00 and no lesser.
The real question is, is 2.16 the bottom, is the heavy selling over, next how will the coming quarter results be, will it be bad too like the last quarter...
Especially EPF, they knew it was a win win situation for them, that's why they increased their stake up to 20% if not mistaken.
They were also increasing their stake in Sunway too at the same time. This clearly shows that they were gonna accept the offer, but what or who influenced them the last minute. If they had accepted, the offer would have gone through with 51% achieved.
With a 20% stake in IJM, just imagine the amount of cash EPF would have received from the offer. WIN! WIN!
What I don't understand is if the price is gonna behave like this why didn't EPF, and the GLCs just except Sunway's offer, this way the least they would have is the cash in hand which was part of the offer, and let Sunway run the show which they were very confident.
