KUALA LUMPUR, March 6 — Tourism, Arts and Culture Minister Datuk Seri Tiong King Sing has sold his entire stake in Timberwell Bhd after accepting a takeover offer from the company’s largest shareholder, Wong Wai Foo.
KUALA LUMPUR, March 6 — Tourism, Arts and Culture Minister Datuk Seri Tiong King Sing has sold his entire stake in Timberwell Bhd after accepting a takeover offer from the company’s largest shareholder, Wong Wai Foo.
In a filing with Bursa Malaysia today, the company said Tiong disposed of 14.21 million shares at a cash offer price of 90 sen per share, representing nearly 16 per cent of Timberwell’s total shares.
Tiong previously served as Timberwell’s managing director from March 2017 until January 3, 2023, when he resigned following his appointment to the Cabinet under Prime Minister Datuk Seri Anwar Ibrahim. He is also the Member of Parliament for Bintulu.
Yesterday, the wood-based company announced that the mandatory takeover offer had become unconditional, with Wong and parties acting in concert (PACs) collectively holding 54.95 per cent of the company.
As of 3.40pm today, Timberwell’s share price rose by half a sen to 89.5 sen, with 462,100 shares traded. — Bernama
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