99 Speedmart founder Lee Thiam Wah is making waves after breaking into Malaysia’s top 10 richest list with a net worth of RM17.6 billion, according to the Nanyang Siang Pau’s Richest List.
His convenience store chain has stood out in the local stock market, pulling off the biggest IPO in Malaysia in the last seven years.
Stock prices soared nearly 50%
Just last year, Malaysia’s biggest mini-mart chain was listed on Bursa Malaysia’s Main Board on September 9, 2024.
From its IPO price of RM1.65, 99 Speedmart’s shares jumped about 50% by year-end, boosting the wealth of Lee Thiam Wah, who owns 83% of the company.
In just four months, its share price kept climbing, closing the year at RM2.47 with a market value of RM20.7 billion.
As the stock gained momentum, it also secured a spot in the KLCI index and joined the RM10 billion club, making it one of the hottest stocks around.
99 Speedmart is gearing up for an even brighter future!
99 Speedmart holds 40.1% of the mini-mart market in Malaysia and 11.6% of the country’s grocery retail scene. With the business getting stronger, the market’s positive trend is setting it up for an even brighter future.
Lee Thiam Wah’s net worth hit RM17.6 billion, landing him in 7th place as soon as he made the list.
Analysts are also feeling good about 99 Speedmart’s future, predicting an average annual profit growth of 18.2% from 2023 to 2026. This is thanks to more store openings, steady same-store sales growth, better cost efficiency, and extra income from other business activities.
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Also read: 99 Speedmart CEO Lee Thiam Wah Becomes Billionaire as His Mini Market Empire Goes Public Today
