Admin99 Speed Mart Retail Holdings Bhd, which made its debut on Bursa Malaysia’s Main Market today, has signaled the possibility of expanding its operations into Southeast Asia, as the company seeks new opportunities to extend its reach beyond Malaysian borders.
Trading under the stock name 99SMART, the company’s initial public offering (IPO) saw a remarkable debut, with shares rising by 12.12% to RM1.85, compared to its initial price of RM1.65. The convenience store chain, already a household name in Malaysia, witnessed 53.82 million shares traded, underscoring investor confidence. This is Malaysia’s largest IPO in seven years, generating significant excitement in the local market.
99 Speed Mart raised RM2.36 billion from its IPO, which will be directed towards enhancing its existing network of outlets and expanding its retail presence. By 2025, the company aims to grow its store count to 3,000 from its current 2,651 locations.
Regional Expansion and New E-Commerce Strategy
Speaking to reporters after the company’s listing, Albert Lee, alternate director of 99 Speed Mart, said the company is open to exploring expansion opportunities in Southeast Asia, though no immediate plans are in place. “We are opportunistic. We have no firm plans yet, but if an opportunity arises, we will consider it,” Lee stated.
On the domestic front, 99 Speed Mart has been focusing on its bulk sales operation, a recently launched e-commerce service that caters to businesses requiring a minimum order of RM500. The service, which was introduced in the Central region last September, expanded to the Southern region in July. The retailer is assessing market feedback on the initiative to refine its approach.
In addition, the company has expanded its procurement activities in China through Yiwu Speed Mart Import and Export and Yiwu J-Jade Trading, which will play a critical role in supporting 99 Speed Mart’s growth objectives.
Lee Thiam Wah: From Polio Survivor to Retail Billionaire
The remarkable success of 99 Speed Mart can be credited to its founder, Lee Thiam Wah. Born with poliomyelitis, Lee has been confined to a wheelchair since infancy, but this didn’t deter him from building a retail empire. Growing up in a low-income household with 10 siblings, Lee faced numerous challenges, including having to leave school early due to his disability.
Inspired by his grandmother’s advice to use his mind and hands to create his own opportunities, Lee began selling snacks from his home at a young age. At just 23 years old, he opened his first sundry shop, Pasar Raya Hiap Hoe, with RM17,000 in capital. This marked the beginning of his journey in retail, which eventually led to the creation of 99 Speed Mart.
Lee’s deep understanding of consumer preferences, gained from running his sundry shop, helped him identify fast-moving products with high turnover rates. His ability to build strong relationships with suppliers, paying them promptly, further solidified his reputation in the industry. This hands-on approach helped Lee establish 99 Speed Mart as a trusted and efficient brand.
A Sprawling Empire with Humble Beginnings
From a small sundry shop, Lee Thiam Wah has grown 99 Speed Mart into a sprawling chain of more than 2,600 convenience stores across Malaysia. His keen eye for business and dedication to offering affordable products has cemented the brand’s position in the competitive retail landscape.
Today, at 60 years old, Lee has been recognized as Malaysia’s newest billionaire, with 99 Speed Mart Retail Holdings Bhd’s public listing in Kuala Lumpur further bolstering his legacy. As the company continues to grow, Lee’s story of resilience, determination, and entrepreneurial spirit serves as an inspiration to many.
With plans to explore regional expansion and continue enhancing its operations, 99 Speed Mart’s future looks bright as it seeks new opportunities both within and beyond Malaysia.
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