$SUNWAY / 5211 (SUNWAY BERHAD): Benefited from the rise in $IJM / 3336 (IJM CORPORATION BERHAD) share price

The influx of data centers into Malaysia has benefited many sectors, including construction. The top three construction companies ($GAMUDA / 5398 (GAMUDA BERHAD), IJM, and $SUNCON / 5263 (SUNWAY CONSTRUCTION GROUP BERHAD)) have undoubtedly profited from contracts to build data centers, leading to significant increases in their share prices.

SUNCON's share price has surged the most this year, increasing by 155%. This is followed by IJM with a 94% rise, and GAMUDA with a 79% increase. This growth has substantially boosted Tan Sri Jeffrey Cheah's net worth. In addition to SUNCON, $SUNWAY / 5211 (SUNWAY BERHAD)'s share price has also seen a significant rise, increasing by 91% this year. This is largely due to investor expectations that Sunway Healthcare might soon spin off for listing. However, it's worth noting that SUNWAY has also benefited from the increase in IJM's share price.

SUNWAY first began purchasing IJM shares in 2021. Fortuna Gembira Enterprise Sdn Bhd, controlled by publicly traded SUNWAY, accumulated a 4.95% stake in IJM, becoming its fifth-largest shareholder with 180.25 million shares. This stake increased to 5.14% due to IJM's ongoing share buy-back activities. However, in 2023, SUNWAY ceased to be a substantial shareholder of IJM after selling 2.8 million shares, reducing its stake to 4.95%. Despite this, SUNWAY still holds 173.79 million shares, and the increase in IJM's share price this year has earned SUNWAY at least RM200 million.