Hadisur Rahman, Jadetimes Staff

H. Rahman is a Jadetimes news reporter covering Asia

Malaysia’s largest convenience store chain, 99 Speed Mart, has made a remarkable debut on the Fortune Southeast Asia 500, securing the 158th spot with $2.2 billion in revenue, just months after a landmark IPO in September 2024 the country’s largest in seven years.

The company currently operates 2,833 outlets and 20 distribution centers across Malaysia and is on track to hit 3,000 stores by the end of the year. Holding a dominant 40% market share in the mini-market segment, 99 Speed Mart continues to outpace global rivals like 7-Eleven and commands 11% of Malaysia’s grocery market.

Yet, the rapid ascent of 99 Speed Mart is also a deeply personal success story that of its founder and CEO, Lee Thiam Wah.

Born with polio and wheelchair-bound for most of his life, Lee faced discrimination and employment challenges in his early years. “Nobody would hire me due to my physical limitations,” he shared in a 2010 interview with Forbes. Motivated by his grandfather’s advice “If you don’t work hard, what will you amount to?” Lee began selling snacks from a roadside stall, eventually launching his first mini-market in 1987.

Lee officially founded Ninety Nine Market in 1992, and later, 99 Speed Mart in 2000, which has since grown into a national retail giant.

The company’s $532 million IPO, hailed as a landmark for Malaysian markets, not only brought in fresh capital for potential global expansion but also propelled Lee into billionaire status. While the company briefly entered Singapore before withdrawing during the COVID-19 pandemic, Lee has stated that he is now actively exploring overseas opportunities though no specific markets have been announced.

Beyond retail, Lee’s business interests extend to the franchising rights for Burger King in both Malaysia and Singapore, and he is also the third-largest shareholder in Alliance Bank Malaysia, according to Bloomberg.

Since its listing, 99 Speed Mart’s shares have climbed 9.57%, outperforming Malaysia’s FTSE Bursa Malaysia KLCI index, which has declined by 8% in the same period.

Lee’s journey from a roadside vendor to a billionaire entrepreneur has become a symbol of resilience and business ingenuity a narrative now etched into Southeast Asia’s corporate history through 99 Speed Mart’s rising market presence.