By DayakDaily Team
KUCHING, March 7: Minister of Tourism, Arts and Culture Dato Sri Tiong King Sing has disposed of his entire stake in Timberwell Bhd after accepting a takeover offer from the company’s largest shareholder, Wong Wai Foo.
According to Bernama, Timberwell, in a filing with Bursa Malaysia on Friday (March 6), said Tiong sold 14.21 million shares at a cash offer price of 90 sen per share, representing nearly 16 per cent of the company’s total shareholding.
Tiong previously served as Timberwell’s managing director from March 2017 before stepping down on Jan 3, 2023, following his appointment to the Cabinet under Prime Minister Datuk Seri Anwar Ibrahim. He is also the Member of Parliament for Bintulu.
On Thursday, 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 Friday, Timberwell’s shares were up half a sen to 89.5 sen, with 462,100 shares traded. — DayakDaily
