Timberwell Bhd said 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.
According to a closing notice by RHB Investment Bank Bhd, Wong’s group held 61.83 million shares at 5pm upon the close of the offer. This marks a significant increase from the 36.94% stake held when the 90 sen-per-share takeover offer was launched after Wong emerged as the company’s single largest shareholder in January. The group has indicated its intention to maintain Timberwell’s listing status.
Wong first surfaced as a shareholder on Jan 6 after acquiring 28.65 million shares, representing a 28.65% stake. He later increased his holdings to 32.71 million shares, or 36.73%, in February, triggering the mandatory takeover requirement.
His entry coincided with the exit of three substantial shareholders: Tan Toeng Swie @ Lam Toeng Sui, who disposed of a 13.63% stake, non-executive director Agnes Soei-Tin Lamey, who sold 6.78%, and Lam Soei Lim, who sold 6.63%.
Sabah-based Timberwell is involved in timber harvesting and forest rehabilitation. The company has recorded losses for three consecutive years, posting a net loss of RM644,000 on revenue of RM14.34 million for the financial year ended Dec 31, 2025.
Timberwell shares closed 1.5 sen higher, or 1.69%, at 90.5 sen on Thursday, giving the company a market capitalisation of RM81 million.
