Lee Thiam Wah, founder of 99 Speedmart, is now officially on the list of 10 richest individuals in Malaysia with a wealth of RM17.6 billion!
From a small grocery store to the largest mini mart chain in Malaysia, Lee's success story is gaining more attention after his company's IPO became the largest in seven years.
99 Speedmart shares jumped almost 50% since being listed on Bursa Malaysia at RM1.65, closing the year at RM2.47 with a market value of RM20.7 billion.
With an 83% stake, Lee is not only getting richer, but also making his company one of the major players in the retail industry.
Currently controlling 40.1% of the mini mart market and 11.6% of the convenience retail market, 99 Speedmart is expected to continue to grow with a profit growth of 18.2% per year until 2026.
Maybe next year, 99 SpeedMall will open!
