Lee Thiam Wah, the founder of the retail chain 99 Speedmart, has become one of Malaysia's wealthiest individuals with a net worth of RM17.6 billion. His wealth surged following the successful IPO of 99 Speedmart last year.
Lee Thiam Wah, the founder of the retail chain 99 Speedmart , has emerged as one of Malaysia's 10 wealthiest individuals with a net worth of RM17.6 billion, according to the Nanyang Siang Pau 2024 List of Richest Individuals. Thiam Wah's wealth, which holds an 83% stake in 99 Speedmart , soared following the company's initial public offering ( IPO ) last year. The IPO placement ranks Thiam Wah as the seventh wealthiest individual in Malaysia.
Thiam Wah now joins a list of prominent figures like Datuk Leong Kok Wah and Tan Sri Ong Leong Huat, alongside newcomer Datuk Seri Tan Run Chuan. Most of these billionaires benefited from the robust performance of the Bursa Malaysia stock market in 2024. The exceptional performance of Bursa Malaysia last year directly contributed to the increased wealth of many industry leaders. Thiam Wah also belongs to a group of influential individuals, including Tan Sri Dr Jeffrey Cheah, the founder and chairman of the Sunway Group, who ranked eighth on Forbes Malaysia's 50 Richest Individuals list with a net worth of US$2.4 billion, and Tan Sri Lim Kok Thay, the billionaire behind Genting Bhd, with US$2.2 billion. Thiam Wah's remarkable success is a testament to his entrepreneurial spirit and strategic business acumen.Born in 1957 in Klang, Selangor, Thiam Wah overcame several challenges in his life to build a successful retail empire. However, as a baby, Thiam Wah contracted polio, which prevented him from walking. Due to financial constraints, he could only complete his education up to primary school. Despite these setbacks, his determination never wavered. During his teenage years, he started a business selling snacks on the street to support himself, marking his initial foray into entrepreneurship. In 1987, at the age of 23, Thiam Wah used his savings from small-scale businesses to open a grocery store named Pasar Raya Hiap Hoe in Klang. Recognizing the potential in this mini-market segment, he rebranded his business in 1992 as Pasar Mini 99, employing a strategy of affordable pricing, high sales volume, strategic location, and efficient logistics management.Between 2000 and 2003, Thiam Wah spearheaded an aggressive expansion plan, opening eight branches in Klang. These stores were later rebranded as 99 Speedmart, symbolizing the company's rapid growth. Today, 99 Speedmart has over 2,600 branches nationwide, with an aim to reach 3,000 branches by 2025. He also plans to expand his operations to Indonesia and Thailand, solidifying his pan-regional presence. On September 9, 2024, 99 Speedmart was listed on Bursa Malaysia, marking the largest IPO in seven years since the listing of Lotte Chemical Titan Holding Bhd in 2017, with an IPO price of RM1.65 per share. Within just four months, the share price of 99 Speedmart surged nearly 50%, closing 2024 at RM2.47 compared to the IPO price.
LEE THIAM WAH 99 SPEEDMART IPO MALAYSIA RICHEST INDIVIDUALS ENTREPRENEURSHIP
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