KUALA LUMPUR, The Employees Provident Fund (EPF) has ceased to be a substantial shareholder in 99 Speed Mart Retail Holdings Bhd following the disposal of a small portion of its equity in the homegrown minimart chain operator.
In a filing with Bursa Malaysia, 99 Speed Mart said the EPF disposed of 11.61 million shares, equivalent to a 0.14% stake, on Oct 16. The sale reduced the retirement fund’s shareholding to 4.89%, below the 5% threshold that defines a substantial shareholding under Bursa Malaysia’s listing requirements.
While the filing did not disclose the transaction value, based on 99 Speed Mart’s closing price of RM3.13 on Oct 16, the divested shares were worth approximately RM36.33 million.
Following the disposal, 99 Speed Mart’s founder and chief executive officer Lee Thiam Wah remains the company’s only substantial shareholder, maintaining a controlling 79.68% stake.
The EPF first appeared as a substantial shareholder in June this year after accumulating a 5.02% stake. Since then, it has actively traded the counter, with its holdings peaking at 5.52% in early October before gradually reducing its position.
99 Speed Mart’s shares have shown a strong performance in recent months, buoyed by investor confidence in the company’s steady earnings growth and expansion strategy. From RM2.09 at end-June, the stock has surged nearly 58% to reach an all-time high of RM3.30 on Tuesday. At the close of trading on Wednesday, 99 Speed Mart’s shares eased six sen or 1.82% to RM3.24, valuing the retail group at RM27.2 billion.
Founded by Lee Thiam Wah, 99 Speed Mart operates more than 2,500 outlets nationwide and has become one of Malaysia’s leading neighbourhood convenience chains, focusing on affordability and accessibility for consumers.
