KUCHING: Minister of Tourism, Arts and Culture Datuk Seri Tiong King Sing has resigned as the managing director and executive director of a listed Sabah-based logging company Timberwell Bhd.
According to a news report by Free Malaysia Today, Tiong cited “other personal commitments” as a reason for his resignation from the company, according to the company’s filing with Bursa Malaysia recently.
In the company’s 2021 annual report, it stated that Tiong was appointed managing director when he joined the board in March 2017.
The annual report also showed that Tiong’s ownership of a 23.8 per cent 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 September 30, a 24.5 per cent hike compared to RM2.43 million in the same period in 2021.
A company filing revealed that the revenue also dropped by 4.9 per cent in the same period to RM21.47 million from RM22.57 million.
Tiong who is also the Bintulu MP 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.
