Latest news with #LeeThiamWah
Yahoo
21-06-2025
- Business
- Yahoo
99 Speed Mart's Southeast Asia 500 debut is the latest milestone for the company and its founder, a childhood polio survivor
99 Speed Mart, one of Malaysia's largest convenience store chains, is one of the newest firms on the Southeast Asia 500, making its debut after its 2024 IPO, Malaysia's largest in seven years. With $2.2 billion in revenue, 99 Speed Mart generated enough sales to land it at No. 158 on Fortune's ranking of the largest Southeast Asian companies by revenue. The company currently has 2,833 outlets and 20 distribution centers across the country, and plans to reach 3,000 outlets by the end of the year. But 99 Speed Mart's story is also as much a story about its founder, Lee Thiam Wah, as it is about the growth of a convenience store chain. Lee contracted polio at a young age and subsequently lost the use of his legs. He's been wheelchair-bound for much of his life. 'Nobody would hire me due to my physical limitations,' he told Forbes in a 2010 interview. In that interview, he quoted advice from his paternal grandfather: 'If you don't work hard, what will you amount to?' Lee's retail career got its start when he started selling snacks from a roadside stall. He then opened his first mini market in 1987 as a sole proprietorship, then established Ninety Nine Market in 1992. By 1998, he had a network of 8 mini markets, and established 99 Speed Mart two years later. Now, 99 Speed Mart is the largest mini-market player in Malaysia, according to its IPO prospectus. 99 Speed Mart holds 40% of the market against global competition like 7-Eleven, and the chain also has an 11% share of the grocery market. The company raised $532 million in an IPO last September, Malaysia's largest in seven years. The listing made Lee a billionaire, and one of Malaysia's richest men. 99 Speed Mart plans to use the IPO proceeds to fund its global expansion. In an interview with Bloomberg after the listing, Lee said he's looking for 'good opportunities' to go overseas, but has no 'concrete plans' as of yet. (99 Speed Mart briefly had an outlet in Singapore, before withdrawing due to the COVID pandemic). In addition to being the CEO of 99 Speed Mart, Lee also operates franchising rights for Burger King in Malaysia and Singapore, and is the third-largest shareholder of Alliance Bank Malaysia, according to Bloomberg. Shares in 99 Speed Mart are up 9.57% since September's IPO. Malaysia's benchmark FTSE Bursa Malaysia KLCI index is down about 8% over the same period. This story was originally featured on
Free Malaysia Today
17-06-2025
- Business
- Free Malaysia Today
EPF buys 5% stake in 99 Speed Mart
The Employees Provident Fund has acquired a 5% stake in 99 Speed Mart, one of the country's largest minimarket retail chains. PETALING JAYA : The Employees Provident Fund (EPF) has bought a 5.02% stake in 99 Speed Mart Retail Holdings Bhd (99 Speed Mart) via a direct off-market deal. According to a filing with Bursa Malaysia, EPF had acquired 421.79 million shares in the minimarket operator on June 4. While details about the seller and the transaction price were not disclosed, the block of shares is estimated to be worth RM868.89 million, based on the retailer's closing price of RM2.06 per share on June 4. Founder and CEO Lee Thiam Wah remains the largest shareholder, holding a 79.68% stake in the company. Shares in 99 Speed Mart rose one sen to RM2.10 today, giving the company a market capitalisation of RM17.64 billion. 99 Speed Mart was added to the FBM KLCI component list in December last year, just months after its Main Market debut on Sept 9, 2024 at an initial public offering (IPO) price of RM1.65. The stock reached a high of RM2.58 in the same month.
Free Malaysia Today
10-06-2025
- Business
- Free Malaysia Today
EPF clarifies it bought 0.07% in 99 Speed Mart, and not 5%
The EPF now has a 5.02% stake in 99 Speed Mart, making it a substantial shareholder. (99 Speedmart pic) 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.
New Straits Times
09-06-2025
- Business
- New Straits Times
EPF takes substantial stake in 99 Speed Mart in first investment
KUALA LUMPUR: The Employees Provident Fund (EPF) has emerged as a substantial shareholder in 99 Speed Mart Retail Holdings Bhd after acquiring a 5.02 per cent stake in the home-grown mini market chain via a direct off-market deal. 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.
The Star
09-06-2025
- Business
- The Star
EPF buys 5.02% stake in 99 Speed Mart via off-market deal
PETALING JAYA: The Employees Provident Fund (EPF) has acquired a 5.02% stake in 99 Speed Mart Retail Holdings Bhd (99 Speed Mart) through a direct off-market transaction, according to a filing with Bursa Malaysia On June 4, the EPF purchased 421.79 million shares in the convenience store chain, marking the fund's first holding in 99 Speed Mart, which became part of the KLCI index in December last year. While details about the seller and the transaction price were not disclosed, the block of shares is estimated to be worth RM868.89mil, based on the retailer's closing price of RM2.06 per share on June 4. Founder and chief executive of 99 Speed Mart, Lee Thiam Wah, remains the largest shareholder with a 79.68% stake in the company. The counter rose by one sen to close at RM2.10, giving the company a market value of RM17.64bil.
