The Malaysian stock market saw strong growth in 2024, with the FTSE Bursa Malaysia KLCI rising nearly 13%, boosting the wealth of many business leaders.
One of the biggest success stories from this boom is 99 Speedmart founder Lee Thiam Wah, who has now entered the list of Malaysia’s top 10 richest individuals with a net worth of RM17.6 billion, according to Nanyang Siang Pau’s Richest List.
Lee’s journey from a humble small shop owner in Klang to a billionaire entrepreneur is a remarkable one, proving that determination and business acumen can turn challenges into opportunities.
Read our previous coverage here:
From polio-stricken child to retail tycoon
Born in 1957 in Klang, Selangor, Lee Thiam Wah was diagnosed with polio at a young age, leaving him unable to walk.
Despite his physical limitations, he displayed strong business instincts early on, saving up RM17,000 to open his first traditional grocery store in 1987.
Realizing the potential of small-format supermarkets, he transformed his business into 99 Speedmart in 1992, focusing on affordable pricing, strategic store locations, and efficient logistics.
This decision would lay the foundation for what is now Malaysia’s largest mini-mart chain.
Stock surge fuels wealth growth
On September 9, 2024, 99 Speedmart (99SMART, 5326, Main Market Consumer Stock) was listed on Bursa Malaysia, marking the largest IPO in seven years.
Within just four months, its stock price soared nearly 50%, closing at RM2.47 by the end of the year, compared to its IPO price of RM1.65.
The company’s total market capitalization reached RM20.7 billion.
With 83% ownership in the company, Lee’s fortune skyrocketed, securing him the 7th spot on the 2024 Nanyang Rich List.
99 Speedmart also earned a place in the FTSE Bursa Malaysia KLCI index and the “RM10 Billion Club.”
99 Speedmart’s market dominance
99 Speedmart is now Malaysia’s largest mini-mart chain, commanding 40.1% of the market share in its sector and 11.6% of the overall grocery retail industry.
Unlike major supermarkets, its cost-efficient, high-volume model allows it to offer lower prices while maintaining high profitability.
Its success is built on several key factors:
- Bulk purchasing power, securing lower prices from suppliers.
- Centralized distribution, reducing logistics costs.
- Strategic store locations, mainly in residential areas.
- No-frills retail concept, keeping operations lean and efficient.
As of 2024, 99 Speedmart operates over 2,300 outlets nationwide, with plans to expand further across Malaysia and possibly into regional markets like Indonesia and Thailand.
Additionally, analysts estimate that 99 Speedmart’s net profit will achieve an 18.2% compound annual growth rate (CAGR) from 2023 to 2026, driven by store expansion, increased sales, and improved operational efficiency.
