A logo of 99 Speed Mart, a mini-market chain retailer.
Credit: Reuters Photo
A 60-year-old entrepreneur who is a polio survivor has become Malaysia's newest billionaire. Lee Thiam Wah started running a roadside snack stall while he was polio-stricken and now his company's initial public offering (IPO) has become the largest in Malaysia in seven years.
As per a report by Fortune, Lee Thiam Wah is the owner of 99 Speed Mart Retail Holdings Bhd, Malaysia's dominant market chain.
Wah's retail runs around 2,600 convenience stores across the country.
As a billionaire now, Wah's net worth is recorded $3.4 billion (Rs 28,543 crore approximately), according to Forbes.
The company's shares are seen as a "way to build exposure to the consumer sector in an economy that’s projected to expand as much as 5 per cent this year," Fortune reported.
Mohit Mirpuri, a senior partner and fund manager at Singapore-based SGMC Capital Pte Ltd said that this is a significant development for the markets.
"It comes at a crucial moment for both Malaysia’s IPO landscape and Southeast Asia’s capital markets," he said as reported by the publication.
"This could boost market sentiment and position Malaysia as a key player, in regional listings," he added.
Wah was born in 1964 in Klang. He had 11 siblings, and his parents could afford to send Wah to school only for six years.
Due to polio, he was unable to use his legs after which he started the roadside stall.
In 1987, he started a grocery store and 10 years later he had eight stores under his name.
Today the market chain holds 40 per cent share in the mini-market segment and 12 per cent among grocery retailers, the publication reported.
In 2023, Wah was one of the biggest individual stakeholders in Alliance Bank Malaysia Bhd., holding 5 per cent of stake.