Timberwell share price hits limit up, all-time high

Timberwell share price hits limit up, all-time high
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KUALA LUMPUR (May 7): Timberwell Bhd’s share price hit limit up today, after rising as much as 30 sen or 42.86% to its all-time high at RM1 in Bursa Malaysia afternoon trade.

At 5pm today, logging firm Timberwell’s share price closed at RM1 for a market capitalisation of about RM89.05 million, based on the company’s 89.05 million issued shares. The stock saw some 1.6 million shares traded.

Timberwell’s share price opened at 70 sen at 9am today, before rising to its all-time high at RM1 at around 2.50pm. 

The stock’s price had gained to current levels from 45 sen on Jan 7, 2021.

Today, the reason behind Timberwell’s share price rise could not be immediately ascertained at the time of writing.

According to Timberwell’s website, the company is a licence-holder of the Sustainable Forest Management Licence Agreement granted by the State Government of Sabah. 

Under the agreement, the company said it has been granted the permission to plant, rehabilitate and harvest timber logs within the licence area for 100 years, commencing on Sept 10, 1997.

Chong Jin Hun