99 Speed Mart, one of Malaysia’s largest convenience store chains, is one of the latest companies in the Southeast Asia 500, and Malaysia debuted its biggest 2024 IPO in seven years.
With $2.2 billion in revenue, 99 Speed Mart generated enough sales to land on No. 158 luckRanking of the largest Southeast Asian companies by revenue. The company currently has 2,833 stores and 20 distribution centres nationwide, with 3,000 outlets expected by the end of the year.
However, the 99 Speed Mart story also tells the story of Lee Thiam Wah, founder of the growth of convenience store chains.
Lee contracted polio at an early age, then lost the use of his legs. He is tied to a wheelchair for most of his life. “No one would hire me because of my physical limitations,” he said. I said Forbes Interview from 2010. In that interview, he cited advice from his paternal grandfather. “If you don’t work hard, what will you be?”
KG Krishnan — Bloomberg via Getty Images
Lee’s retail carrier began when he began selling snacks from roadside stalls. He then opened his first mini-market as the sole owner in 1987, and in 1992 he founded 90 markets.
Currently, according to the IPO’s prospectus, 99 Speed Mart is Malaysia’s largest mini-market player. 99 Speed Mart holds 40% of the market for global competition like 7-Eleven, with the chain having an 11% share of the grocery market.
The company raised $532 million in seven years in Malaysia’s largest IPO in September last year. The list makes Lee a billionaire and one of the wealthiest men in Malaysia.
99 Speed Mart plans to use IPO revenue to fund global expansion. in Interview After the list, Bloomberg said Lee is looking for a “good opportunity” to go abroad, but has no “specific plans” yet. (99 Speed Mart had an outlet in Singapore temporarily before retreating due to Covid Pandemic).
In addition to being CEO of 99 Speed Mart, Lee also operates the Burger King franchise rights in Malaysia and Singapore, and is the third largest shareholder in Alliance Bank Malaysia.
99 Speed Mart stocks have grown 9.57% since their September IPO. Malaysia’s benchmark FTSE Bursa Malaysia KLCI index fell by about 8% over the same period.
