Polio survivor who ran roadside stall becomes Malaysia's newest billionaire
Lee Thiam Wah, the 60-year-old polio survivor and founder of 99 Speed Mart, has become Malaysia's latest billionaire following his company's successful initial public offering (IPO). The IPO, which raised $531 million, marked the largest in the country in seven years. This significant event propelled the net worth of Wah, who once ran a roadside stall, to an impressive $2.8 billion, as reported by Forbes.
99 Speed Mart's triumphant debut on stock exchange
99 Speed Mart made a strong debut on the Kuala Lumpur stock exchange, with its shares surging by up to 15% on the first day. This not only cemented Wah's position among the country's wealthiest individuals but also marked a significant moment for the country's capital markets. Mohit Mirpuri, a senior partner at SGMC Capital Pte Ltd, highlighted that this development could enhance market sentiment and establish Malaysia as a key player in regional listings.
Wah's journey from roadside stall to retail empire
Wah's journey to billionaire status is a story of resilience and determination. Born into a modest family of 11 children and contracting polio at a young age, he faced significant employment challenges due to his physical disability. However, he began selling snacks from a roadside stall and eventually saved enough money to open his first grocery store in 1987. "I have to help myself. Nobody would hire me due to my physical limitation," Wah had told Forbes in 2010.
Expansion plans and investor interest in 99 Speed Mart
Wah's retail chain, 99 Speed Mart, has grown into Malaysia's largest mini-market chain with nearly 2,600 stores nationwide. He also holds a significant share in Alliance Bank Malaysia Bhd. and has invested in the Malaysian franchise of Burger King. Following the IPO, Wah plans to raise the store count to approximately 3,000 over the next three years. The IPO attracted robust interest from both local and foreign investors, with over three million shares trading hands by mid-morning.
