PETALING JAYA: Tourism, arts and culture minister Tiong King Sing has resigned as a managing director and executive director of listed logging company Timberwell Bhd.
The Bintulu MP cited “other personal commitments” as a reason for his departure from Timberwell, according to the company’s filing with Bursa Malaysia today.
Tiong was appointed managing director when he joined the board in March 2017, according to the company’s 2021 annual report. It also shows him owning a 23.8% stake in the company as at March 31, 2022.
The company posted a RM3.02 million profit in the first nine months of last year ending Sept 30, a 24.5% hike compared to RM2.43 million in the same period in 2021.
Revenue also dropped by 4.9% in the same period to RM21.47 million from RM22.57 million, a company filing revealed.
The 62-year-old Tiong has been involved in business for more than 30 years in areas such as property development and construction, healthcare as well as the timber industry.
From 1997 to 2010, Tiong was the group CEO of Wijaya Baru Global Bhd (now known as Tadmax Resources Bhd), according to the annual report.
The company has been granted a concession covering an area of 71,293 hectares of natural forest in the Lingkabau Forest Reserve, Kota Marudu, Sabah.
Under the agreement, the company has been granted the permission to plant, rehabilitate and harvest timber logs within the license area for 100 years commencing Sept 10, 1997.
Timberwell’s shares closed unchanged at 52 sen today, giving it a market capitalisation of just RM46.31 million. - FMT
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