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.
The listing cements Kuala Lumpur as the busiest location for market debuts in Southeast Asia this year and shows investor optimism in the nation’s growth potential. The firm’s shares are seen as a way to build exposure to the consumer sector in an economy that’s projected to expand as much as 5 percent this year.
“Nobody would hire me due to my physical limitation,” he told Forbes in 2012. “I have to help myself.” Lee’s “journey is an inspiring example for small business owners, showing that with determination, perseverance and a customer-focused approach, it’s possible to scale a business, even from humble beginnings,” said SGMC’s Mirpuri.
99 Speed Mart’s listing attracted 14 cornerstone investors that included abrdn Asia Ltd. and UOB Asset Management .
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