From roadside stall to Malaysia’s biggest IPO in seven years: Wheelchair-bound Lee Thiam Wah is a billionaire as 99 Speedmart goes public today
KUALA LUMPUR, Sept 9 — Dubbed “mini-mart king” by Bloomberg, Lee Thiam Wah, 60, is set to become a billionaire as the market opens today, with his 99 Speed Mart chain going public.
The financial news site says its initial public offering of RM1.65 per share — Malaysia’s largest in seven years — will make Lee’s fortune at around US$3.3 billion (RM14 billion).
“It comes at a crucial moment for both Malaysia’s IPO landscape and Southeast Asia’s capital markets,” Mohit Mirpuri, a senior partner and fund manager at Singapore-based SGMC Capital Pte Ltd, was quoted saying by Bloomberg.
“This could boost market sentiment and position Malaysia as a key player.”
Bloomberg reported how Lee had contracted polio, restricting him to a wheelchair. This caused him to open a roadside stall since nobody would hire him.
Lee was born in 1964 in Klang to a construction worker and a hawker. With 10 siblings, they could only afford to send Lee to school for six years.
His first retail venture — that roadside stall — was born of necessity. As a child, he contracted polio and permanently lost the use of his legs.
Lee first opened a grocery store in 1987. His wife, Ng Lee Tieng, 44, first worked as a purchasing executive in Lee’s chain, then called Pasar Mini 99.
Bloomberg said the chain now holds a 40 per cent share in the mini-market segment and nearly 12 per cent among all grocery retailers — making it the largest here.
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,” SGMC’s Mirpuri reportedly said.
Despite the IPO, Lee would remain as its chief executive officer.
The report also said he holds stakes in multiple other businesses, such as the sole Malaysian franchisor of Burger King restaurants.
He is also one of biggest individual shareholders in Alliance Bank Malaysia Bhd with a stake of around 5 per cent, it said.
