After being the largest player in Malaysia with nearly 2,900 outlets nationwide, local supermarket chain 99 Speedmart opened yet another store, but this time, it is probably not where you would expect.
While Malaysians proudly celebrated Independence Day on August 31 (Sunday), 99 Speedmart officially opened its first store in Fujian, China.
99 Speedmart opens its first store in China and plans further expansion in the country
Despite this latest achievement, 99 Speedmart is not resting on its laurels and will not just stop at Fujian.
“The company will also set up a prototype store with plans to expand in phases in Fuzhou,” the mini market operator said in a filing to Bursa Malaysia.
99 Speedmart also said that the establishment of this store is not expected to have a material impact on the group’s income or net assets for the financial year, which is expected to end on December 31, 2025. 99 Speed āāMart, which was listed on the Main Market last September, however, did not provide further details, including the investment amount.
The new operations in China will be wholly owned by 99 Speedmart.
This announcement comes after local Chinese media reported on the company’s store opening in Fujian province, as reported by BERNAMA.
In case you didn’t know, 99 Speedmart, originally founded as Pasar Raya Hiap Hoe in Klang, has a history of 38 years since it was opened in 1987. 99 Speedmart then opened its first outlet in Sabah (East Malaysia) in 2013, as per the information on its official website.
How many outlets do you think 99 Speedmart is going to have abroad?
