KUALA LUMPUR (March 6): Tourism, Arts and Culture Minister Tiong King Sing has disposed of his entire stake in Timberwell Bhd (KL:TIMWELL) after accepting a takeover offer from the company’s largest shareholder, Wong Wai Foo.
Tiong sold 14.2 million shares, representing nearly 16% of the company, at the offer price of 90 sen each, valuing the block at about RM12.8 million, according to a filing with Bursa Malaysia on Friday.
He was previously Timberwell’s managing director, a post he held for nearly six years, before resigning on Jan 3, 2023 following his appointment to the Cabinet by Prime Minister Datuk Seri Anwar Ibrahim. He is also the Bintulu member of Parliament.
The announcement comes a day after Timberwell said the mandatory takeover offer had become unconditional, with Wong and parties acting in concert (PACs) holding 54.95% of the company, surpassing the 50% threshold.
The 90-sen takeover offer was triggered in January after Wong became the company’s single largest shareholder. Wong has said he intends to retain Timberwell’s listing status.
Sabah-based Timberwell conducts timber harvesting and area rehabilitation, mainly involving silviculture treatment and mosaic timber planting. It also owns 59.17% of Timberwell Plywood Sdn Bhd, according to its annual report.
The group has been loss-making for three consecutive years, from FY2023 to FY2025. In FY2025, it recorded a net loss of RM644,000 on revenue of RM14.34 million.
Timberwell shares rose half a sen to 89.5 sen at the midday break on Friday, giving the company a market capitalisation of RM79.7 million.