EPF takes substantial stake in 99 Speed Mart in first investment
A filing with Bursa Malaysia today showed that EPF purchased 421.79 million shares on June 4, marking its first investment in the company.
Details of the seller and transaction price were not disclosed. However, based on 99 Speed Mart's closing price of RM2.06 on the day of the transaction, the block is estimated to be worth RM868.89 million.
Founder and chief executive Lee Thiam Wah remains the largest shareholder with a 79.68 per cent stake.
At the close today, 99 Speed Mart's shares were up 0.48 per cent or one sen to RM2.10, valuing the company at RM17.64 billion.
The company made its Main Market debut on Sept 9, 2024, at an initial public offering (IPO) price of RM1.65, marking Malaysia's largest IPO in seven years.
Just months later, it was added to the FBM KLCI component list in December.
99 Speed Mart saw its net profit rose 7.53 per cent year-on-year (YoY) to RM143.18 million in the first quarter ended March 31, 2025 (1Q25), supported by stronger retail sales and store expansion.
The company added 246 outlets YoY, bringing its store count to 2,833.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
3 hours ago
- The Sun
Mixed reactions to monthly EPF payouts
PETALING JAYA: Public debate is heating up over the government's proposal to restructure the Employees Provident Fund (EPF) withdrawal mechanism under the 13th Malaysia Plan (13MP), with economists and political figures voicing concerns over its potential impact on retirees' financial freedom and long-term wellbeing. On Monday, the MCA called for a balanced approach to the proposal, stressing that contributors must retain the freedom to choose between lump sum withdrawals and monthly payouts. MCA information chief Chan Quin Er said while the move towards pension-style payments aims to enhance retirees' financial security, especially in the face of rising living costs and longer life expectancy, it should not be imposed unilaterally. 'Many retirees need lump sum access to settle housing loans, pay for major medical treatments or support family obligations. Denying this flexibility could cause unnecessary hardship,' she said in a statement. Chan said MCA urges the government and EPF to focus on boosting financial literacy so that contributors can make informed retirement choices. 'Through outreach programmes, workshops and digital tools, contributors can better understand and plan their withdrawals. 'Retirement is a personal journey. Financial planning should reflect that. MCA supports reforms to enhance retirement security but not at the expense of personal agency and flexibility.' Universiti Teknologi Mara economist Dr Mohamad Idham Md Razak said a shift to monthly EPF payouts could offer retirees a more stable income stream and reduce the risk of exhausting savings too soon, especially with inflation on the rise. He said the move would, however, require more sophisticated investment strategies from EPF to sustain long-term disbursements. 'A hybrid model should be considered with part of the savings made available upfront and the rest paid out monthly. This would meet both urgent and ongoing needs.' He said contributors in rural or lower-income groups may face disproportionate challenges due to limited savings. He proposed targeted support measures such as top-up contributions for smaller accounts and the expansion of financial advisory services in underserved areas. Universiti Kebangsaan Malaysia financial policy researcher Assoc Prof Dr Noor Azuan Hashim said monthly payouts may not be sufficient for retirees with low EPF balances, particularly when faced with emergencies requiring immediate, large expenditure. 'Without careful design, this reform risks deepening inequality among contributors,' she said, calling for safeguards such as opt-in flexibility, healthcare subsidies and the inclusion of informal workers in the retirement framework. Universiti Malaysia Kelantan cost-of-living researcher Datuk Dr Nik Maheran Nik Muhammad said the monthly payout model may significantly shift retirees' spending patterns, from lump sum purchases to basic, recurring expenses. She said this could limit their ability to invest in physical assets or financially support dependents. 'Many retirees, especially among the B40 group, rely on EPF withdrawals for private or alternative medical treatment. Without access to a lump sum, they may be forced to depend solely on overcrowded public healthcare facilities.' To ensure the system is inclusive, she proposed a hybrid withdrawal model along with healthcare support schemes, digital literacy training for rural contributors and strategic partnerships between EPF and insurance providers to develop tailored annuity-based solutions.
The Sun
4 hours ago
- The Sun
Public debate heats up over pension-style EPF payments
PETALING JAYA: Public debate is heating up over the government's proposal to restructure the Employees Provident Fund (EPF) withdrawal mechanism under the 13th Malaysia Plan (13MP), with economists and political figures voicing concerns over its potential impact on retirees' financial freedom and long-term wellbeing. On Monday, the MCA called for a balanced approach to the proposal, stressing that contributors must retain the freedom to choose between lump sum withdrawals and monthly payouts. MCA information chief Chan Quin Er said while the move towards pension-style payments aims to enhance retirees' financial security, especially in the face of rising living costs and longer life expectancy, it should not be imposed unilaterally. 'Many retirees need lump sum access to settle housing loans, pay for major medical treatments or support family obligations. Denying this flexibility could cause unnecessary hardship,' she said in a statement. Chan said MCA urges the government and EPF to focus on boosting financial literacy so that contributors can make informed retirement choices. 'Through outreach programmes, workshops and digital tools, contributors can better understand and plan their withdrawals. 'Retirement is a personal journey. Financial planning should reflect that. MCA supports reforms to enhance retirement security but not at the expense of personal agency and flexibility.' Universiti Teknologi Mara economist Dr Mohamad Idham Md Razak said a shift to monthly EPF payouts could offer retirees a more stable income stream and reduce the risk of exhausting savings too soon, especially with inflation on the rise. He said the move would, however, require more sophisticated investment strategies from EPF to sustain long-term disbursements. 'A hybrid model should be considered with part of the savings made available upfront and the rest paid out monthly. This would meet both urgent and ongoing needs.' He said contributors in rural or lower-income groups may face disproportionate challenges due to limited savings. He proposed targeted support measures such as top-up contributions for smaller accounts and the expansion of financial advisory services in underserved areas. Universiti Kebangsaan Malaysia financial policy researcher Assoc Prof Dr Noor Azuan Hashim said monthly payouts may not be sufficient for retirees with low EPF balances, particularly when faced with emergencies requiring immediate, large expenditure. 'Without careful design, this reform risks deepening inequality among contributors,' she said, calling for safeguards such as opt-in flexibility, healthcare subsidies and the inclusion of informal workers in the retirement framework. Universiti Malaysia Kelantan cost-of-living researcher Datuk Dr Nik Maheran Nik Muhammad said the monthly payout model may significantly shift retirees' spending patterns, from lump sum purchases to basic, recurring expenses. She said this could limit their ability to invest in physical assets or financially support dependents. 'Many retirees, especially among the B40 group, rely on EPF withdrawals for private or alternative medical treatment. Without access to a lump sum, they may be forced to depend solely on overcrowded public healthcare facilities.' To ensure the system is inclusive, she proposed a hybrid withdrawal model along with healthcare support schemes, digital literacy training for rural contributors and strategic partnerships between EPF and insurance providers to develop tailored annuity-based solutions.
![News@9: Today's top headlines - August 5, 2025 [WATCH]](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fimages%2Farticles%2Fzdfgdfgrree_1754398815.jpg&w=3840&q=100)
![News@9: Today's top headlines - August 5, 2025 [WATCH]](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fassets%2FNST-Logo%402x.png%3Fid%3Db37a17055cb1ffea01f5&w=48&q=75){kind=small}
New Straits Times
13 hours ago
- New Straits Times
News@9: Today's top headlines - August 5, 2025 [WATCH]
Here are tonight's top stories. Debt under control Prime Minister Datuk Seri Anwar Ibrahim defends the government's borrowing plan — saying loans go to development, not daily operations. EPF payout change The government is mulling a shift from lump-sum Employees Provident Fund withdrawals to monthly pension-style payments, as part of efforts to protect retirement savings. Zayn case verdict The Sessions Court will deliver its decision on Oct 31 in the child neglect case of Zayn Rayyan's mother. The defence closed its case today after its final witness took the stand. Police bribe arrest Malaysian Anti-Corruption Commission arrests a policeman accused of taking RM3,500 from a foreigner to speed up a quarrel probe. He's the tenth officer in Pahang arrested in bribery cases this week. That's all for News@9.
