KUALA LUMPUR (Feb 5): Timberwell Bhd's (KL:TIMWELL) new largest shareholder Wong Wai Foo has triggered a conditional mandatory takeover offer at 90 sen per share after acquiring an additional 7.9% in the timber group.

Shares of Timberwell have climbed 167% in the past three months leading to the offer. The stock last traded at 85.5 sen.

Wong, who intends to retain Timberwell's listing status, first emerged as a substantial shareholder a month ago. 

He now holds a 36.77% stake in Timberwell, based on company announcements. Together with parties acting in concert, the collective shareholding is approximately 36.9%. 

Wong's entry into the firm in January coincided with the exit of three substantial shareholders, namely Tan Toeng Swie @ Lam Toeng Sui (who disposed of a 13.63% stake), non-executive director Agnes Soei-Tin Lamey (6.78%), and Lam Soei Lim (6.63%). 

The group also lists Tourism, Arts and Culture Minister Datuk Seri Tiong King Sing as a shareholder with a 23.82% stake, the latest annual report showed.

Sabah-based Timberwell conducts timber harbesting and area rehabilitation, mainly involving silviculture treatment and mosaic timber planting. It also owns 59.17% of Timberwell Plywood Sdn Bhd, the annual report showed. 

The group was loss-making in the financial year ended Dec 31, 2023 (FY2023) and FY2024, as well as in the first nine months of 2025.

For the nine-month period, it booked a net loss of RM151,000, from a net profit of RM409,000 a year earlier, while revenue fell 25.68% to RM12.11 million from RM16.3 million.