Timberwell Bhd announced that the mandatory takeover offer by its largest shareholder, Wong Wai Foo, has become unconditional after his collective shareholding, including parties acting in concert (PACs), exceeded the 50% threshold.
According to Timberwell’s Bursa filing on Thursday, Wong and his PACs now hold a 54.95% stake in the timber product manufacturer. The 90 sen per share takeover offer, which was triggered in January following Wong’s emergence as the company’s largest shareholder, remains open until 5pm on March 19.
At the start of the takeover on Feb 26, Wong and his PACs held a 36.94% stake. They have indicated their intention to retain Timberwell’s listing status.
Wong’s entry coincided with the exit of three substantial shareholders: Tan Toeng Swie @ Lam Toeng Sui (13.63% sold), non-executive director Agnes Soei-Tin Lamey (6.78%), and Lam Soei Lim (6.63%).
Based in Sabah, Timberwell is involved in timber harvesting and forest rehabilitation. The company has reported losses for the past three consecutive years, including a net loss of RM644,000 for FY2025 on revenue of RM14.34 million.
Timberwell shares closed at 89 sen on Thursday, down half a sen or 0.56%, giving the company a market valuation of RM79.26 million.
