Timberwell says that Tiong sold 14.21 million shares for a cash offer price of 90 sen for each offer share, representing nearly 16 per cent of the company’s shares. – Bernama photo

KUALA LUMPUR (March 6): Tourism, Arts and Culture Minister Datuk Seri Tiong King Sing has disposed of his entire stake in Timberwell Bhd after accepting a takeover offer from Wong Wai Foo, the company’s biggest shareholder.

In a filing with Bursa Malaysia today, the group said that Tiong sold 14.21 million shares for a cash offer price of 90 sen for each offer share, representing nearly 16 per cent of the company’s shares.

Previously, the Bintulu MP was Timberwell’s managing director in March 2017 before resigning on Jan 3, 2023, following his appointment to the Cabinet under Prime Minister Datuk Seri Anwar Ibrahim.

Yesterday, Timberwell, a wood-based company, announced that the mandatory takeover offer had become unconditional, with Wong and parties acting in concert (PACs) holding 54.95 per cent of the company.

At 3.40pm today, Timberwell’s share rose half a sen to 89.5 sen, with 462,100 shares changing hands. – Bernama

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