KUALA LUMPUR (March 5): Timberwell Bhd (KL:TIMWELL) said the mandatory takeover offer by its largest shareholder, Wong Wai Foo, has turned unconditional after his collective shareholding — including parties acting in concert (PACs) — surpassed the 50% threshold.

Wong and his PACs now hold 54.95% in Timberwell, according to the timber product manufacturer's bourse filing on Thursday.

The 90 sen apiece takeover offer was triggered in January after Wong emerged as its single largest shareholder. The offer remains open until 5pm on March 19.

Wong and his PACs held a 36.94% stake at the start of the takeover on Feb 26. They intend to retain Timberwell’s listing status.

Wong's emergence in Timberwell coincided with the exit of three substantial shareholders: Tan Toeng Swie @ Lam Toeng Sui (who sold a 13.63% stake), non-executive director Agnes Soei-Tin Lamey (sold 6.78%) and Lam Soei Lim (sold 6.63%).

The Sabah-based Timberwell is also involved in timber harvesting and forest rehabilitation.

It has been loss-making for the last three consecutive years, from its financial year ended Dec 31, 2023 (FY2023) to FY2025. For FY2025, it booked a net loss of RM644,000 on revenue of RM14.34 million. 

Shares in Timberwell ended half a sen or 0.56% lower at 89 sen on Thursday, valuing the company at RM79.26 million.

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