{"id":15609,"date":"2025-06-21T02:20:48","date_gmt":"2025-06-21T02:20:48","guid":{"rendered":"https:\/\/topat10.com\/?p=15609"},"modified":"2025-06-21T02:20:48","modified_gmt":"2025-06-21T02:20:48","slug":"99-speed-marts-southeast-asia-500-debut-is-the-latest-milestone-for-the-company-and-its-founder-a-childhood-polio-survivor","status":"publish","type":"post","link":"https:\/\/topat10.com\/?p=15609","title":{"rendered":"99 Speed Mart\u2019s Southeast Asia 500 debut is the latest milestone for the company and its founder, a childhood polio survivor"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div data-cy=\"article-content\">\n<p>99 Speed Mart, one of <a href=\"https:\/\/fortune.com\/tag\/malaysia\/\" target=\"_self\" aria-label=\"Go to https:\/\/fortune.com\/tag\/malaysia\/\" class=\"sc-19cc8fd2-0 iHosVH\">Malaysia\u2019s<\/a> largest convenience store chains, is one of the newest firms on the <a href=\"https:\/\/fortune.com\/asia\/ranking\/southeast-asia-500\/\" target=\"_self\" aria-label=\"Go to https:\/\/fortune.com\/asia\/ranking\/southeast-asia-500\/\" class=\"sc-19cc8fd2-0 iHosVH\">Southeast Asia 500<\/a>, making its debut after its 2024 IPO, Malaysia\u2019s largest in seven years.<\/p>\n<div class=\"paywall\">\n<p>With $2.2 billion in revenue, 99 Speed Mart generated enough sales to land it at No. 158 on <em>Fortune<\/em>\u2019s ranking of the largest Southeast Asian companies by revenue. The company currently has 2,833 outlets and 20 distribution centers across the country, and plans to reach 3,000 outlets by the end of the year.\u00a0<\/p>\n<p>But 99 Speed Mart\u2019s story is also as much a story about its founder, Lee Thiam Wah, as it is about the growth of a convenience store chain.<\/p>\n<p>Lee contracted polio at a young age and subsequently lost the use of his legs. He\u2019s been wheelchair-bound for much of his life. \u201cNobody would hire me due to my physical limitations,\u201d he <a href=\"https:\/\/www.forbes.com\/global\/2010\/0315\/entrepreneurs-malaysia-speedsmart-handicaps-king-of-mini-marts.html\" target=\"_blank\" rel=\"noopener\" aria-label=\"Go to https:\/\/www.forbes.com\/global\/2010\/0315\/entrepreneurs-malaysia-speedsmart-handicaps-king-of-mini-marts.html\" class=\"sc-19cc8fd2-0 iHosVH\">told<\/a> <em>Forbes <\/em>in a 2010 interview. In that interview, he quoted advice from his paternal grandfather: \u201cIf you don\u2019t work hard, what will you amount to?\u201d<\/p>\n<div class=\"wp-block-image\" style=\"margin:auto;max-width:1024px\">\n<p>KG Krishnan\u2014Bloomberg via Getty Images<\/p>\n<\/div>\n<p>Lee\u2019s retail career got its start when he started selling snacks from a roadside stall. He then opened his first mini market in 1987 as a sole proprietorship, then established Ninety Nine Market in 1992. By 1998, he had a network of 8 mini markets, and established 99 Speed Mart two years later.\u00a0<\/p>\n<p>Now, 99 Speed Mart is the largest mini-market player in Malaysia, according to its IPO prospectus. 99 Speed Mart holds 40% of the market against global competition like 7-Eleven, and the chain also has an 11% share of the grocery market.\u00a0<\/p>\n<p>The company raised $532 million in an IPO last September, Malaysia\u2019s largest in seven years. The listing made Lee a billionaire, and one of Malaysia\u2019s richest men.<\/p>\n<p>99 Speed Mart plans to use the IPO proceeds to fund its global expansion. In an <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-09-16\/mini-mart-billionaire-sets-sights-beyond-malaysia-after-ipo?sref=nfBouUGg\" target=\"_blank\" rel=\"noopener\" aria-label=\"Go to https:\/\/www.bloomberg.com\/news\/articles\/2024-09-16\/mini-mart-billionaire-sets-sights-beyond-malaysia-after-ipo?sref=nfBouUGg\" class=\"sc-19cc8fd2-0 iHosVH\">interview<\/a> with Bloomberg after the listing, Lee said he\u2019s looking for \u201cgood opportunities\u201d to go overseas, but has no \u201cconcrete plans\u201d as of yet. (99 Speed Mart briefly had an outlet in Singapore, before withdrawing due to the COVID pandemic).<\/p>\n<p>In addition to being the CEO of 99 Speed Mart, Lee also operates franchising rights for Burger King in Malaysia and Singapore, and is the third-largest shareholder of Alliance Bank Malaysia, according to Bloomberg.\u00a0<\/p>\n<p>Shares in 99 Speed Mart are up 9.57% since September\u2019s IPO. Malaysia\u2019s benchmark FTSE Bursa Malaysia KLCI index is down about 8% over the same period.\u00a0<\/p>\n<\/div>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>99 Speed Mart, one of Malaysia\u2019s largest convenience store chains, is one of the newest firms on the Southeast Asia 500, making its debut after its 2024 IPO, Malaysia\u2019s largest in seven years. With $2.2 billion in revenue, 99 Speed Mart generated enough sales to land it at No. 158 on Fortune\u2019s ranking of the [&hellip;]<\/p>\n","protected":false},"author":235,"featured_media":15610,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[123],"tags":[],"class_list":["post-15609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>99 Speed Mart\u2019s Southeast Asia 500 debut is the latest milestone for the company and its founder, a childhood polio survivor | Unlock Informed Choices with Us<\/title>\n<meta name=\"description\" content=\"99 Speed Mart&#x27;s founder, Lee Thiam Wah, contracted polio at a young age. He\u2019s been wheelchair-bound for much of his life.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/topat10.com\/?p=15609\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"99 Speed Mart\u2019s Southeast Asia 500 debut is the latest milestone for the company and its founder, a childhood polio survivor | Unlock Informed Choices with Us\" \/>\n<meta property=\"og:description\" content=\"99 Speed Mart&#x27;s founder, Lee Thiam Wah, contracted polio at a young age. 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Lim","author_link":"https:\/\/topat10.com\/?author=235"},"uagb_comment_info":0,"uagb_excerpt":"99 Speed Mart, one of Malaysia\u2019s largest convenience store chains, is one of the newest firms on the Southeast Asia 500, making its debut after its 2024 IPO, Malaysia\u2019s largest in seven years. With $2.2 billion in revenue, 99 Speed Mart generated enough sales to land it at No. 158 on Fortune\u2019s ranking of the&hellip;","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/topat10.com\/index.php?rest_route=\/wp\/v2\/posts\/15609","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/topat10.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/topat10.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/topat10.com\/index.php?rest_route=\/wp\/v2\/users\/235"}],"replies":[{"embeddable":true,"href":"https:\/\/topat10.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15609"}],"version-history":[{"count":0,"href":"https:\/\/topat10.com\/index.php?rest_route=\/wp\/v2\/posts\/15609\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/topat10.com\/index.php?rest_route=\/wp\/v2\/media\/15610"}],"wp:attachment":[{"href":"https:\/\/topat10.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/topat10.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/topat10.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}