EPF clarifies it bought 0.07% in 99 Speed Mart, and not 5%
PETALING JAYA : The Employees Provident Fund (EPF) clarified it only bought a 0.07% stake in 99 Speed Mart Retail Holdings Bhd in its latest acquisition last week.
In a rather embarrassing development, EPF issued an 'amended announcement' in a filing with Bursa Malaysia today stating it bought six million shares in the minimart chain operator on June 4.
In its bourse filing yesterday, the provident fund announced it acquired 421.79 million shares, or a 5.02% stake, on June 4.
Today's filing implies that EPF had previously accumulated a total of 4.95% equity interest in the country's largest operator of grocery stores. The acquisitions were made through Citigroup Nominees (Tempatan) Sdn Bhd.
The latest purchase of 0.07% upped its stake to 5.02%, beyond the 5% threshold, thus making EPF a substantial shareholder.
99 Speed Mart's single largest shareholder is its founder and CEO Lee Thiam Wah, who controls 79.68% equity interest in the company.
The group was granted a waiver from the Securities Commission Malaysia from having to meet the minimum 25% public spread requirement for its listing exercise.
99 Speed Mart ended the day up 9 sen or 4.3% at RM2.19, valuing it at RM18.4 billion. Its shares have dropped 11% year to date.
Despite that, the stock has jumped almost 33% since the company was listed last September at an IPO price of RM1.65.
The listing was Malaysia's largest in seven years and catapulted the wheelchair-bound Lee to billionaire status.
Forbes ranks him at No 8 in its Malaysia's 50 Richest list, with a net worth of US$4.1 billion (RM17.37 billion).
Lee, 61, who contracted polio as an infant, started his entrepreneurial journey by selling snacks by the roadside as a teenager.
99 Speed Mart kicked off its first quarter ended March 31 (Q1 FY2025) with a robust 7.5% rise in net profit to RM143.18 million despite rising uncertainty in the Malaysian economy.
Its revenue grew at a similar pace, rising 7.7% to RM2.61 billion from RM2.43 billion in Q1 FY2024, driven by stronger retail sales and network expansion.
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