-- Lee Thiam Wah’s first retail venture was selling snacks from a roadside stall in Malaysia. Several decades later, the entrepreneur has transformed that humble beginning into a sprawling retail empire of more than 2,600 convenience stores across the nation.Today, the 60-year-old will be minted as a billionaire after his company 99 Speed Mart Retail Holdings Bhd goes public in Kuala Lumpur.
“It comes at a crucial moment for both Malaysia’s IPO landscape and Southeast Asia’s capital markets,” said Mohit Mirpuri, a senior partner and fund manager at Singapore-based SGMC Capital Pte Ltd. “This could boost market sentiment and position Malaysia as a key player,” in regional listings, he said.Lee was born in 1964 in Klang, one of several cities littering the stretch between Kuala Lumpur and the shores of the Malacca Strait.
Today, the chain is the largest of its kind in Malaysia, holding a 40% share in the mini-market segment and nearly 12% among all grocery retailers, according to the IPO prospectus. He also holds stakes in multiple closely held businesses, including the sole Malaysian franchisor of Burger King restaurants. Last year he also briefly emerged as one of the biggest individual shareholders in Alliance Bank Malaysia Bhd. with a roughly 5% stake, regulatory filings show.As the FTSE Bursa Malaysia KLCI Index equities benchmark heads to its best year since 2010, listings are back after years of lackluster growth.
The mini-mart operator’s tagline ‘Near n’ Save’ is part of a business model that emphasizes convenience and easy access for consumers, said Arun George, an analyst at Global Equity Research who publishes on the platform Smartkarma. You Need to Watch Taylor Swift and Travis Kelce Singing "I Believe in a Thing Called Love" at the US Open