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Idris Jala’s Case for the IJM Takeover by Sunway and Its Impact on Deal Success Summary Table: Key Figures As at 5.00 p.m. (Malaysian time) on 26 March 2026 Description Number of Shares Percentage (%) Total IJM Shares in Issue (excluding treasury) 3,505,166,120 100.00% Minimum required to satisfy Acceptance Condition (50% + 1) 1,752,583,061 50.00% Already secured (as at 26 March 2026) 477,666,130 13.70% Still required 1,274,916,931 36.40% PNB’s holding (publicly rejected) ~466,000,000 ~13.30% EPF’s holding ~719,000,000 ~20.52% KWAP’s holding ~338,000,000 ~9.64% Remaining required if EPF and KWAP accept ~215,000,000 ~6.14% 1. Overview Idris Jala, Non-Executive Co-Chairman of Sunway Group, delivered a comprehensive argument at the EGM on 26 March 2026, making the case for IJM shareholders to accept Sunway’s voluntary takeover offer. His remarks focused on three pillars: 10-year total shareholder return (TSR) performance Superior revenue and profit before tax (PBT) margins Identifiable sy...

  The Core Question If a bonus issue (stock split) doesn't change market capitalization,  does it benefit shareholders at all? Let's answer this using  United Plantations  as our case study, with  Berkshire Hathaway  as the philosophical counterpoint. Part 1: The Mathematics of Bonus Issues What Actually Happens in a Bonus Issue Metric Before Bonus After 1-for-1 Bonus Change Shares held 1,000 2,000 +100% Share price RM 60.00 RM 30.00 -50% Portfolio value RM 60,000 RM 60,000 0% Market cap RM 10 billion RM 10 billion 0% Immediate impact: Zero.  You have the same pizza, just cut into more slices. Part 2: The United Plantations Experience Let's isolate the effect of UP's two bonus issues (2020 and 2025) on your 1969 IPO investment. Scenario A: With Bonuses (What Actually Happened) Year Shares Share Price Portfolio Value Dividends Received 2019 1,000 RM 8.76 RM 8,760 ~RM 1,200 2020 2,000 RM 9.65 RM 19,300 RM 2,500 2024 2,000 RM 20.72 RM 41,440 RM 3,400 2025...