From Roadside Snacks to Billionaire Status: The Inspiring journey of Lee Thiam Wah

New Delhi: True strength isn't just physical; it’s often rooted in an unwavering determination. This is clearly demonstrated by Lee Thiam Wah, whose story exemplifies the power of resolve and perseverance. Despite battling polio, Lee turned his life around from selling snacks on the street to becoming one of Malaysia's wealthiest individuals. Today, his net worth is estimated at around USD 3.3 billion, thanks to his retail empire, 99 Speed Mart.

99 Speed Mart's Landmark IPO

Lee Thiam Wah's company, 99 Speed Mart Retail Holdings Bhd, achieved a major milestone with its initial public offering (IPO) on Monday, marking Malaysia's largest IPO in seven years. The IPO has propelled Lee’s net worth to approximately USD 3.3 billion (about Rs 2,77,11,23,85,000). At the IPO price of 1.65 ringgit ($0.38) per share, the stock surged by 15% on its debut. The IPO attracted significant interest from 14 cornerstone investors, including abrdn Asia Ltd. and UOB Asset Management (Malaysia). The company plans to use around 28% of the IPO proceeds to expand its network of outlets and distribution centers, acquire delivery trucks, and pay down existing loans. For the first quarter of 2024, 99 Speed Mart reported a profit after tax of 133.2 million ringgit on revenues of 2.4 billion ringgit, according to Fortune.

Lee Thiam Wah’s Early Struggles and Rise

Born in 1964 to a hawker and a construction worker in Malaysia, Lee grew up in a financially strained environment. His parents could only afford six years of education for him. polio presented additional challenges, making it difficult for Lee to secure employment. Undeterred, he began selling snacks from a roadside stall to support himself. In 2010, Lee shared with Forbes, "I had to help myself. Nobody would hire me due to my physical limitations."

The Founding of 99 Speed Mart

In 1987, Lee’s hard work paid off, allowing him to open his own supermarket. His business acumen, coupled with relentless effort, led to the creation of the largest mini-market chain in Malaysia, with nearly 2,600 stores nationwide. Lee aims to expand this number to around 3,000 over the next three years. At 60, Lee is also a major shareholder in Alliance bank Malaysia Bhd. and has invested in the Malaysian franchise of burger King.
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Kokila Chokkanathan

10/09/2024 02:45 PM