KUALA LUMPUR (March 19): Timberwell Bhd (KL:TIMWELL) announced that the mandatory takeover offer by its largest shareholder, Wong Wai Foo, closed on Thursday (March 19) with Wong and his parties acting in concert securing a 69.43% stake in the company.
Wong's group held 61.83 million shares at the close of the offer at 5pm, according to a closing notice issued by RHB Investment Bank Bhd. The latest shareholding is a significant jump from the 36.94% stake the group held when they made the 90 sen apiece takeover offer after Wong emerged as its single largest shareholder in January.
The group has said it intends to retain Timberwell's listing status.
Wong first emerged in Timberwell when he bought 28.65 million shares or a 28.647% stake on Jan 6. In February, he increased this to 32.71 million shares or 36.731% in the company, triggering the threshold for the compulsory share acquisition.
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 involved in timber harvesting and forest rehabilitation. It has been loss-making for the last three consecutive years. In its financial year ended Dec 31, 2025, the group made a net loss of RM644,000 on a revenue of RM14.34 million.
Timberwell shares ended 1.5 sen or 1.69% higher at 90.5 sen on Thursday, valuing the company at RM81 million.