Negeri Sembilan State Election
2026
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PETALING JAYA: IJM Corporation Bhd chairman Tan Sri Datuk Tan Boon Seng @ Krishnan will retire at the company’s upcoming annual general meeting (AGM), bringing to a close more than four decades of service spanning its formation, executive leadership and chairmanship.
In his final chairman’s statement in the group’s Integrated Annual Report 2026, Tan said he would not be seeking re-election to the board.
“This marks my last statement as chairman, as I will not be seeking re-election to the board,” he said. Tan reflected on his role in the acquisition and merger that formed IJM before serving as its chief executive officer and later chairman over the past four decades.
“I leave knowing the group is well-positioned for its next chapter of growth, and I wish IJM every continued success in the decades ahead,” he added.
Looking back on his final year as chairman, Tan described two defining events for the group.
The first was the conditional voluntary takeover offer made in January 2026, which was ultimately rejected by shareholders. He said the episode reinforced the importance of remaining agile in a rapidly evolving business and capital market environment.
“The board carefully considered the proposal and respected the differing views expressed throughout the process. Ultimately, our shareholders demonstrated their conviction in IJM’s intrinsic value and long-term prospects by choosing to preserve the company’s independence,” he said.
Tan said the outcome reaffirmed confidence in IJM’s standalone strategy and long-term value creation potential, allowing the board and management to focus on executing growth initiatives, optimising assets and recycling capital into higher-growth opportunities.
The second defining event was the Malaysian Anti-Corruption Commission’s (MACC) investigation linked to the takeover exercise following allegations circulated on social media.
Tan said the company remained confident throughout the investigation that the facts would prevail.
He noted that the MACC subsequently classified the investigation as “no further action” after finding no elements of criminal conduct, misconduct or breaches of corporate governance, while allegations involving RM2.5 billion in money laundering were found to be baseless. He added that the UK Serious Fraud Office had also confirmed it had never conducted any investigation into the alleged flow of funds.
“While these were indeed trying times where reputations were being questioned, positively, shareholders can take comfort in the fact that the governance, integrity and ethical standards established by our founding leaders stood the test of one of the most challenging periods in the group’s history,” he said.
With those events behind it, Tan said IJM is now focused on executing its five-year strategic roadmap under the theme “Engineered for Value. Positioned to Grow.”
He highlighted progress in expanding into higher-growth sectors including data centres, logistics hubs and semiconductor-related facilities, alongside overseas expansion into the UK.
He also cited milestones including the completion of the group’s maiden data centre project in Iskandar Puteri, ongoing progress on the New Pantai Expressway Extension (NPE2), and the commencement of operations at the Penang Waterfront Convention Centre.
IJM’s 42nd AGM is scheduled for Aug 27, 2026, where Tan’s retirement from the board will take effect if shareholders approve the relevant resolutions.
