From Selling Roadside Snacks To Becoming Billionaire! This Son Of Construction Worker Had Polio In Childhood, But Now A Grocery King With Net Worth Of Rs… | Economy News

The indomitable spirit of Lee Thiam Wah

Having survived polio, Lee founded 99 Speed Mart in Malaysia. He began selling sweets from a roadside stand after getting polio. However, fate had more in store for him. Today, Lee’s net worth has increased to an estimated US$3.3 billion, making him one of Malaysia’s richest billionaires. Currently, Lee is at the helm of a retail empire with more than 2,600 convenience stores around the country. 

Lee Thiam Wah’s 99 Speed Mart Retail Holdings Bhd Becomes Malaysia’s largest IPO

With its initial public offering (IPO) on Monday, Lee’s company 99 Speed Mart Retail Holdings Bhd became Malaysia’s largest IPO in seven years. This has elevated Lee’s net worth to an estimated USD 3.3 billion (Rs 2,77,11,23,85,000 approximately).

Lee Thiam Wah’s Net Worth

According to the Bloomberg Billionaires Index, the $531 million initial public offering is Malaysia’s largest in seven years. At the IPO price of 1.65 ringgit ($0.38) per share, Lee’s fortune is about $3.3 billion (Rs 2,77,11,23,85,000 approximately). 

The stock rose as much as 15% on Monday. 99 Speed Mart’s listing attracted 14 cornerstone investors that included abrdn Asia Ltd. and UOB Asset Management (Malaysia). About 28% of the proceeds from the IPO will go to the company, which plans to setup new outlets and distribution centers, purchase delivery trucks and repay loans, according to the prospectus. 

The company posted a profit after tax of 133.2 million ringgit on revenue of 2.4 billion ringgit for the first three months of 2024, reported Fortune.

Early life and struggle of Lee Thiam Wah

Lee was born in 1964 into a modest household of a hawker and a construction worker in Malaysia. His parents could only afford to pay for six years of his education due to financial constraints. Lee’s polio made it difficult for him to get a job. But the unfazed Lee started selling snacks from a roadside stall to make a living. “I have to help myself. Nobody would hire me due to my physical limitation,” Lee told Forbes in 2010. 

The birth of 99 Speed Mart

Lee eventually made enough money to launch his own supermarket in 1987. With his keen sense of business, hard work, and dedication, Lee grew his company into the biggest mini-market chain in the nation, with almost 2,600 locations across the nation. Over the following three years, he now wants to grow the number of stores to about 3,000.

The 60-year-old entrepreneur is also a significant shareholder in Alliance Bank Malaysia Bhd. and has invested in the Malaysian franchise of Burger King.