Lee Thiam Wah, the man behind 99 Speedmart, is about to join Malaysia’s wealthiest business tycoons.
Known for his resilience and entrepreneurial spirit, the wheelchair-bound founder will see his company, 99 Speed Mart Retail Holdings Bhd, listed on Bursa Malaysia’s Main Market this Monday, September 9th.
99 Speedmart founder Lee Thiam Wah now a billionaire
Before the listing, Forbes already estimates Lee’s net worth at US$2.8 billion (RM12.1 billion), placing him among the top ten richest individuals in Malaysia.
This valuation will put him just behind Sunway Group’s Jeffrey Cheah, but ahead of Genting Group’s Lim Kok Thay.
The upcoming IPO, priced at RM1.65 per share, will value 99 Speedmart at RM13.86 billion, and analysts expect the stock to perform well post-listing, reported FMT.
He began selling snacks by the roadside in his teens
Lee’s journey to this remarkable wealth, however, is one of perseverance. Born into a large family of 10 siblings, his father worked as a construction worker and his mother as a hawker.
Contracting polio at a young age, Lee lost the use of his legs but never his determination.
Rather than attend secondary school, he began selling snacks by the roadside in his teens, slowly saving enough money to open his first sundry shop, Pasar Raya Hiap Hoe, in Klang at 23.
From there, he founded Pasar Mini 99 in 1992, which grew into the 99 Speedmart empire we know today, with over 2,650 outlets nationwide.
Lee’s net worth: US$2.8 billion (RM12.1 billion)
When the company goes public, here’s what you need to know about the numbers:
- IPO price: RM1.65 per share
- Company valuation: RM13.86 billion
- Lee’s net worth: US$2.8 billion (RM12.1 billion)
- Projected funds raised by the IPO: RM2.36 billion
- Number of outlets: Over 2,650 nationwide
- New outlets planned: 250 annually, with a potential total of 5,000
Lee and his wife, Ng Lee Tieng, are set to gain RM1.7 billion from selling over a billion shares in the IPO.
99 Speedmart has grown to dominate the mini-market industry, holding 40.1% of the market share, and 11.6% of the overall grocery retail sector.
For the first half of 2024, the company’s net profit rose by 41.7%, reaching RM258.87 million, while revenue increased by 8.6% to RM4.84 billion.
