
Eco-Shop set for Malaysia's biggest IPO of the year with RM6.38b valuation
KUALA LUMPUR, May 22 — Eco-Shop Marketing Bhd, a discount chain with over 350 stores across Malaysia, is set to go public in Kuala Lumpur on Friday in the country's largest IPO of the year.
The listing will value the company at about RM6.38 billion, giving founder and managing director Datuk Seri Lee Kar Whatt a RM4.9 billion stake, according to the Bloomberg Billionaires Index.
The company's rapid growth — with revenue rising over 50 per cent in two years — underscores strong demand for low-cost goods amid rising inflation, Bloomberg reported.
'Fixed-price retailers became a first choice,' said Ng Zhu Hann, founder and chief executive officer of Tradeview Capital, in an interview. He was referring to Eco-Shop's fixed RM2.60 price for all items sold in its Peninsular Malaysia outlets.
Lee co-founded the first store in 2003 with his brother and two others, and still operates from the company's headquarters in Jementah, Johor.
Ng noted that Eco-Shop competes with established players such as Mr DIY Group (M) Bhd, as well as newer entrants led by entrepreneurs from mainland China.
In its prospectus, Eco-Shop stated that it sees ample growth potential and aims to open around 70 new stores each year over the next five years.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Free Malaysia Today
an hour ago
- Free Malaysia Today
Tune Protect and Sunway XFarms launch the ‘Grow & Give' initiative
Tune Protect volunteers kick off the 'Grow & Give' initiative, a strategic programme blending employee development with environmental and community impact. (Tune Protect pic) PETALING JAYA : Tune Protect Group Berhad has partnered with Sunway XFarms to launch the 'Grow & Give' initiative, a strategic programme that combines employee development with meaningful environmental and community impact. In this programme, employees gain hands-on experience in sustainable agriculture through hydroponic farming and contribute to the establishment of a community farm to promote food self-sufficiency among low-income communities. The 'Grow & Give' programme involving 240 Tune Protect volunteers, consists of four sessions, the first held in May, in which volunteers help support the Petaling Jaya-based Medan Jaya community, home to over 4,000 residents, many of whom face limited access to fresh and nutritious food. The initiative began with hands-on training at Sunway XFarms, where employees gained practical experience in urban farming, harvesting pesticide-free vegetables, and packing them for distribution to local beneficiaries. Utilising smart hydroponic farming technology, community farming is remarkably easy to maintain and uses up to 90% less water compared to traditional farming methods. The solar-powered system efficiently circulates water, providing crops with optimal hydration and nutrients, while offering residents an accessible and sustainable way to grow their own food long-term. This modern farming technique ensures consistent yields with minimal environmental impact. Koot Chiew Ling, chief strategy officer and chair of the Sustainability Committee Tune Protect Group said: 'We remain deeply attuned to the social disparities and environmental challenges shaping our world today. 'Through this initiative, we are not only raising awareness but taking meaningful action by delivering practical, ground level solutions in areas such as clean energy, water efficiency, food security, and waste reduction.' She said she hoped the initiative would inspire a ripple effect of positive change, one community, one farm, and one volunteer at a time, that supported both people and the planet for generations to come. Yuvasreetharan Muregesun, chief operations officer of Tune Protect (centre), with Norlizah Jaaman (left), secretary of the Medan Jaya Residents' Association, and Eleanor Choong (right), COO of Sunway XFarms. (Tune Protect pic) Driven by the sustainability vision 'In Tune for a Better Tomorrow', Tune Protect is committed to building a more resilient and sustainable future, targeting 6,000 volunteer hours from 2025 to 2027 with a focus on conservation and sustainability initiatives. The company is expected to achieve 1,200 volunteer hours upon the completion of the four sessions of the 'Grow & Give' programme this year, with the next three sessions to be held in July, September and November. The community farm is projected to yield over 240kg of fresh produce annually, providing residents with more than eight varieties of essential vegetables. The farm has prevented over 1,500 sq ft of deforestation, besides reducing three tonnes of carbon emissions, saving 56 tonnes of water, and avoiding 960 pieces of plastic from being used. Eleanor Choong, COO of Sunway XFarms, expressed her enthusiasm for the collaboration. 'We are pleased to be able to build this community farm alongside Tune Protect, and we are excited to see the fruits of the residents' labour,' she said. Through this initiative, Tune Protect distributed 50 bags of fresh vegetables. Staff also led a clean-up drive in communal areas, collecting over 170 kilograms of recyclable waste, including paper, metal scraps, plastic, glass, and electronic waste. Norlizah Jaaman, secretary of the Medan Jaya Residents' Association said: 'Tune Protect and Sunway XFarms' contributions have empowered our community's economy, raising awareness on sustainable agriculture and recycling practices among the residents.' Tune Protect's collaboration with Sunway XFarms has shown how innovative partnerships can bring about significant change beyond the boardroom. The 'Grow & Give' initiative has shown how with every harvest and act of kindness, a more inclusive, empowered, and sustainable tomorrow comes into view. For more information on Tune Protect, visit their website. For more information on Sunway Xfarms, visit their website.


The Star
an hour ago
- The Star
AirAsia close to buying at least 100 Airbus jets
AirAsia operates an all-Airbus fleet and has previously said it was looking to add smaller planes to its fleet for regional routes. PARIS: AirAsia is in advanced discussions to place an order for at least 100 Airbus jets at next week's Paris Airshow, a deal likely to mark the introduction to its fleet of the planemaker's smallest jet, the A220, industry sources say. Malaysia-based low-cost carrier AirAsia operates an all-Airbus fleet and has previously said it was looking to add smaller planes to its fleet for regional routes. One of Airbus's biggest customers with a few hundred planes already on order, the airline has not placed an order since before the pandemic. It has taken few deliveries in recent years and has been steadily restructuring its order book as it faced financial difficulties. The company, hard hit by pandemic travel restrictions, was classified by Malaysia's stock exchange as financially distressed in 2022. It says it hopes to exit this status by the middle of this year. Capital A plans to sell its AirAsia aviation business to long-haul unit AirAsia X to consolidate long and short-haul operations under a single AirAsia brand. — Reuters


Free Malaysia Today
5 hours ago
- Free Malaysia Today
Tiger Balm offering football fans a chance to catch Bayern Munich live
Haw Par Malaysia country manager Yvonne Teh (in white shirt) and DKSH Malaysia Sdn Bhd's Pharmaceuticals & Consumer Health senior general manager Caryne Au unveiling the Legendary Together 3v3 Tournament trophy, watched by (from left) former national footballers Khairul Fahmi Che Mat, Zainal Abidin Hassan, Soh Chin Ann, Santokh Singh and Zaquan Adha Abdul Radzak. KUALA LUMPUR : Tiger Balm is organising a three-on-three futsal tournament which will see participants compete for the grand prize – an all-expense-paid trip to watch FC Bayern Munich live at Germany's iconic Allianz Arena. The Legendary Together 3v3 Tournament, launched today at MyTOWN Shopping Centre here, will run until June 15. Yvonne Teh, country manager of Haw Par Malaysia, Tiger Balm's parent company, said they decided to collaborate with the most successful club in Germany due to their shared values. 'We're united by values of performance, recovery, and unwavering discipline as well as values every athlete, in every sport, can relate to. 'That's why this partnership with FC Bayern Munich is so meaningful,' she said. Teh said the decision to invite former national footballers Soh Chin Ann, Santokh Singh, Zainal Abidin Hassan, Khairul Fahmi Che Mat and Zaquan Adha Abdul Radzak to the launch was because the company wanted to pay tribute to players who help inspire the younger generation. Members of the media testing out the court where all teams will be competing on. She also said the tournament, which will be held at the MyTOWN Shopping Centre, is aimed at promoting a healthy lifestyle. She emphasised that Tiger Balm has long been dedicated to promoting recovery and movement, catering to both elite athletes and everyday joggers. 'Tiger Balm provides safe and effective relief for sore muscles, joint aches or pains,' she said.