KUALA LUMPUR (March 19): Timberwell Bhd (KL:TIMWELL) announced that 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. Wong's group held 61.83 million shares at the close of the offer at 5pm, according to a closing notice issued by RHB Investment Bank Bhd. The latest shareholding is a significant jump from the 36.94% stake the group held when they made the 90 sen apiece takeover offer after Wong emerged as its single largest shareholder in January. Wong first emerged in Timberwell when he bought 28.65 million shares or a 28.647% stake on Jan 6. In February, he increased this to 32.71 million shares or 36.731% in the company, triggering the threshold for the compulsory share acquisition.

Source: The Edge Markets March 19, 2026 15:00 UTC