99 Speed Mart clarifies EPF acquired 0.07% stake, raising holding to 5.02%
PETALING JAYA: The Employees Provident Fund (EPF) has emerged as a substantial shareholder in 99 Speed Mart Retail Holdings Bhd after acquiring a 0.07% stake in the company.
In an amended filing with Bursa Malaysia, the EPF clarified that it had acquired six million shares in the minimart chain operator on June 4 and not 421.79 million shares or a 5.02% stake as previously disclosed on Monday.
The 0.07% stake purchase, which raised the EPF's stake in 99 Speed Mart to 5.02%, is beyond the 5% threshold required to be deemed a substantial shareholder.
In its first quarter ended March 31, 2025, 99 Speed Mart's net profit rose to RM143.18mil from RM133.15mil in the previous corresponding period, while revenue grew to RM2.6bil from RM2.4bil a year earlier.
The increase in revenue led to a 11.3% rise in gross profit to RM314.5mil, accompanied by a slight improvement in the gross profit margin, mainly due to the increase in promotional discounts and achievement of target incentives during the period.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
19 hours ago
- The Sun
Maybank IB: Zero pct sales tax on essential goods seen as ‘neutral' for consumer sector
KUALA LUMPUR: The implementation of revised sales tax rates on essential goods at zero per cent is projected to have a 'neutral' impact on the consumer (both staples and discretionary), basic construction and plantation sectors, according to Maybank Investment Bank Bhd (Maybank IB). In a note today, the investment bank said the zero per cent rate on essential goods, alongside various relief measures, is intended to minimise the impact on businesses. 'Essential goods including key food items, medical devices, and educational materials are exempted, and various relief measures have been introduced to cushion the impact on businesses, with the aim of keeping the majority of Malaysians unaffected,' it said. The bank further said that the expansion of the service tax scope, which now includes leasing or rental, construction, financial services, private healthcare, education, and beauty services, is assessed to have a largely 'neutral' impact, taking into account the listed exemptions. Maybank IB added that, based on its assessment, the service tax expansion has no impact on the following sectors: plantations, oil and gas, petrochemicals, technology (including semiconductors, software, and electronics manufacturing services), automotive, utilities, telecommunications, gaming, media, and glove sectors. While the tax does not directly affect the construction sector itself, the investment bank believes the brunt of the impact will fall on the property sector. Construction services for infrastructure, commercial, and industrial buildings will be subjected to a six per cent service tax if the taxable value exceeds RM1.5 million per annum. 'This is expected to raise property developers' operating costs. While property developers could pass such costs to buyers, it would depend on the ability to price up their products, which in turn will ultimately depend on market acceptance and demand,' it added. Maybank IB also said that the targeted sales tax revision and expanded service tax would likely raise the inflation rate by 0.25 per cent at most. Imputing the impact of these taxes, labour costs (including minimum wage, foreign workers' Employees Provident Fund contribution and levy), RON95 fuel subsidy rationalisation, and Tenaga Nasional Bhd's tariff review, the 2025 inflation forecast is maintained at two per cent. 'We believe weighing exemptions available and cost pass-throughs would be crucial to managing the inflationary impact,' it said.
The Sun
19 hours ago
- The Sun
Zero pct sales tax on essential goods seen as ‘neutral' for consumer sector
KUALA LUMPUR: The implementation of revised sales tax rates on essential goods at zero per cent is projected to have a 'neutral' impact on the consumer (both staples and discretionary), basic construction and plantation sectors, according to Maybank Investment Bank Bhd (Maybank IB). In a note today, the investment bank said the zero per cent rate on essential goods, alongside various relief measures, is intended to minimise the impact on businesses. 'Essential goods including key food items, medical devices, and educational materials are exempted, and various relief measures have been introduced to cushion the impact on businesses, with the aim of keeping the majority of Malaysians unaffected,' it said. The bank further said that the expansion of the service tax scope, which now includes leasing or rental, construction, financial services, private healthcare, education, and beauty services, is assessed to have a largely 'neutral' impact, taking into account the listed exemptions. Maybank IB added that, based on its assessment, the service tax expansion has no impact on the following sectors: plantations, oil and gas, petrochemicals, technology (including semiconductors, software, and electronics manufacturing services), automotive, utilities, telecommunications, gaming, media, and glove sectors. While the tax does not directly affect the construction sector itself, the investment bank believes the brunt of the impact will fall on the property sector. Construction services for infrastructure, commercial, and industrial buildings will be subjected to a six per cent service tax if the taxable value exceeds RM1.5 million per annum. 'This is expected to raise property developers' operating costs. While property developers could pass such costs to buyers, it would depend on the ability to price up their products, which in turn will ultimately depend on market acceptance and demand,' it added. Maybank IB also said that the targeted sales tax revision and expanded service tax would likely raise the inflation rate by 0.25 per cent at most. Imputing the impact of these taxes, labour costs (including minimum wage, foreign workers' Employees Provident Fund contribution and levy), RON95 fuel subsidy rationalisation, and Tenaga Nasional Bhd's tariff review, the 2025 inflation forecast is maintained at two per cent. 'We believe weighing exemptions available and cost pass-throughs would be crucial to managing the inflationary impact,' it said.
Sinar Daily
19 hours ago
- Sinar Daily
Growing old and not slowing down - why more Malaysians over 70 are still working?
As Malaysia becomes an ageing society, more senior citizens are working past 70. Here's why - and what it means for our future. By ONG AI LING 12 Jun 2025 09:44pm Illustrative photo by Sinar Daily. MALAYSIA is transitioning into an aging society. Department of Statistics Malaysia (DOSM) stated by 2030, 15 per cent of the population will be aged 60 and above, officially classifying the country as an "aged nation". As of 2024, over 10 per cent of the population falls into this category, with those above 70 forming a steadily increasing portion of the national demographic. That said, the trend of senior citizens continuing to work past 70 is becoming more visible as Malaysia slowly transforms into an aging society. Instead of fading quietly into the background, many elderly Malaysians are showing they still have plenty to offer. This situation is acknowledged by Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said, who has proposed that the government study extending the retirement age to 65, seeing that many people remain active and capable well into their 60s. Many senior citizens are part of Malaysia's growing informal economy, selling goods, offering services or working part-time in shops, workshops, or even as Grab drivers. Most lack formal pensions or steady Employers Provident Fund (EPF) savings, especially those who have spent their lives in informal or gig work. For them, continuing to work is often a necessity, but it's also a way to maintain their independence, routine, and sense of dignity. At the same time, experts and social researchers are starting to recognise the value of this "silver workforce". These senior citizens bring decades of experience, practical knowledge, and a strong work ethic. They also help reduce dependency on social welfare or family support systems, contributing to a more resilient society. There isn't just one reason why so many Malaysians in their 70s and older continue to work. For most, it's a mix of financial needs, personal motivation, and a deep sense of purpose. Here are the main reasons that keep them going: Money Matters: The Cost of Living Doesn't Retire For many older Malaysians, retiring comfortably simply isn't an option. While some have savings in the Employees Provident Fund (EPF), not everyone had consistent access to it, particularly those who spent their lives working in informal sectors such as street vending, farming, or cleaning. Even for those with EPF accounts, the funds often deplete within a few years, especially with the rising costs of essentials like food, rent, and healthcare. Staying Independent: Not Wanting to Burden the Family Many senior citizens choose to keep working because they don't want to rely on their children or anyone else. Culturally, older generations often carry a strong sense of pride and responsibility. They believe in 'berdikari' (standing on one's own feet), and working allows them to continue making their own choices and living with dignity. AI Generated by Sinar Daily Health and Activity: Movement is Medicine Staying physically and mentally active is one of the best ways to age healthily. Working gives many seniors a reason to wake up early, move around, use their hands and engage with others. It keeps their minds alert and their bodies in motion. Research has shown that active aging which includes working, volunteering, and social participation, can help reduce the risk of chronic illnesses, depression, and memory loss. Many seniors say they feel younger when they're busy. Passion and Habit: They Just Love What They Do Some senior citizens keep working not because they have to, but because they want to. After spending a lifetime doing something they enjoy, it's hard to simply stop. Their work has become a part of their identity. For these individuals, work is not a burden, it's their hobby, their joy, their way of connecting with the world. Towards an Age-Friendly Society In many urban households, retirees can be found working as Grab drivers, security guards, gardeners, or even running small businesses selling handmade crafts or homemade food. These individuals defy the stereotype of the frail, passive elderly. They are strong, capable, and motivated. Yet, despite these inspiring stories, challenges persist. Ageism in hiring practices a lack of age-friendly infrastructure, and insufficient support systems continue to limit the full potential of active aging in Malaysia. Policymakers, employers, and civil society must collaborate to build an inclusive environment where senior citizens are respected as contributors, not burdens. This includes: Promoting flexible, part-time job opportunities for seniors Providing healthcare and wellness programmes tailored to the elderly Encouraging lifelong learning and digital literacy Building public spaces and transportation that are accessible to older adults Moving Forward: Respect, Support, and Inclusion Malaysia's older generation is not stepping aside but they are stepping up. Whether driven by necessity, passion, or the desire to stay active, many senior citizens over the age of 70 continue to contribute meaningfully to society. Their presence in markets, small businesses and local communities serves as a powerful reminder that aging is not a limitation, but a testament to resilience and vitality. As our nation transitions into an aging nation, it is time to change the way we think about growing older. Supporting them is more than a kind gesture, it is a shared responsibility. By creating inclusive policies, promoting age-friendly workplaces, ensuring accessible healthcare, and strengthening social protection, we empower older Malaysians to age with dignity. At the same time, we build a more caring and forward-looking nation. Dr Ong Ai Ling is a member of the Active Ageing Impact Lab and a senior lecturer at Taylor's University. The views expressed in this article are her own and do not necessarily reflect those of Sinar Daily. More Like This
