KUALA LUMPUR (Jan 3): Tourism, Arts and Culture Minister Datuk Seri Tiong King Sing has resigned as Timberwell Bhd’s managing director (MD) and executive director with immediate effect, citing “other personal commitment”.

The 61-year-old was made MD of the forest management and timber logging company upon his appointment to the board in March 2017.

Tiong owned a 23.8% stake in Timberwell as at March 31 last year, according to the group’s latest annual report.

For the nine-month period ended Sept 30, 2022, Timberwell’s net profit rose 24.5% to RM3.02 million from RM2.43 million in the previous corresponding period, despite revenue falling by 4.9% to RM21.47 million from RM22.57 million.

In FY21, the group recorded a net profit of RM6.21 million versus a net loss of RM443,000 in FY20, while revenue grew 69% to RM30.9 million from RM18.29 million.

Shares of Timberwell, which fell 10% last year, closed unchanged at 52 sen on the first trading day of the year, giving the group a market capitalisation of RM46.31 million.