KUALA LUMPUR: Investor interest in 99 Speed Mart Retail Holdings Bhd shares has led to a RM2 billion increase in the wealth of its Founder and CEO, Lee Thiam Wah.
This follows the company’s initial public offering (IPO), which was the largest in Malaysia in seven years, since Lotte Chemical Titan Holding Bhd’s RM3.77 billion IPO in 2017, priced at RM1.65 per share.
As of the last count, 99 Speed Mart shares were trading at RM1.90 each, giving the company a market value of RM15.9 billion and boosting Thiam Wah’s net worth by another RM2 billion.
He now ranks alongside billionaires like the Founder and Chairman of Sunway Group, Tan Sri Dr. Jeffrey Cheah, who is eighth on Forbes’ list of Malaysia’s 50 richest individuals (US$2.4 billion), and Genting Bhd’s corporate figure, Tan Sri Lim Kok Thay (US$2.2 billion). As of September 9, Thiam Wah held a direct 28.2% stake in 99 Speed Mart and an indirect 51.5% stake through his fully-owned company, Lee LYG Holdings Sdn. Bhd.
Based on the RM1.90 share price, Thiam Wah’s net worth now stands at RM13 billion.
Despite life’s challenges, Thiam Wah carved a successful path in the retail industry. He has been unable to use his legs since childhood due to polio.
During his childhood, his family’s financial struggles only allowed his parents to support his education up to primary school.
To fill his days that should have been spent in secondary school, he began selling snacks by the roadside, which marked his first experience in entrepreneurship.
In 1987, at 23, Thiam Wah opened a grocery store named Pasar Raya Hiap Hoe in Klang, using money he had saved from selling snacks.
Between 1992 and 1998, he opened his first store called Pasar Mini 99 and added eight more branches in Klang.
All eight branches were rebranded as part of an intensive expansion plan from 2000 to 2003.
These stores were taken over and rebranded as 99 Speedmart, the well-known brand today.
His first headquarters and distribution center, located on Jalan Kapar, Klang, was completed in October 2022.
Today, Thiam Wah owns more than 2,600 branches nationwide and aims to reach 3,000 stores by 2025.
While there are currently no plans to enter the regional market, Albert Lee, Alternate Director of 99 Speed Mart, mentioned in a press conference that they would be open to the opportunity if it arises.
In addition to its retail stores, the company launched an online wholesale platform last year, 99 Bulksales, offering customers and businesses bulk purchase options.
With this listing, Lee hopes the company will reach its expansion goals while focusing on improving its wholesale operations.
