Sunway—controlled by Malaysian billionaire Jeffrey Cheah—is proceeding with its 11 billion ringgit ($2.7 billion) takeover bid for Kuala Lumpur-listed construction company IJM, which is facing a money-laundering probe.

The proposed takeover is proceeding in accordance with the SEC’s rules on takeovers, mergers and compulsory acquisitions, Cheah’s company said in a statement to Bursa Malaysia. The takeover offer, which would make Sunway the country’s biggest property and construction firm, has also sparked public criticism.

Shares of IJM rose as much as 8.4% on Thursday........

© Forbes