Latest news with #LeeThiamWah
Free Malaysia Today
3 hours ago
- Business
- Free Malaysia Today
EPF clarifies it bought 0.07% in 99 Speed Mart, and not 5%
The EPF now has a 5.02% stake in 99 Speed Mart, making it a substantial shareholder. (99 Speedmart pic) PETALING JAYA : The Employees Provident Fund (EPF) clarified it only bought a 0.07% stake in 99 Speed Mart Retail Holdings Bhd in its latest acquisition last week. In a rather embarrassing development, EPF issued an 'amended announcement' in a filing with Bursa Malaysia today stating it bought six million shares in the minimart chain operator on June 4. In its bourse filing yesterday, the provident fund announced it acquired 421.79 million shares, or a 5.02% stake, on June 4. Today's filing implies that EPF had previously accumulated a total of 4.95% equity interest in the country's largest operator of grocery stores. The acquisitions were made through Citigroup Nominees (Tempatan) Sdn Bhd. The latest purchase of 0.07% upped its stake to 5.02%, beyond the 5% threshold, thus making EPF a substantial shareholder. 99 Speed Mart's single largest shareholder is its founder and CEO Lee Thiam Wah, who controls 79.68% equity interest in the company. The group was granted a waiver from the Securities Commission Malaysia from having to meet the minimum 25% public spread requirement for its listing exercise. 99 Speed Mart ended the day up 9 sen or 4.3% at RM2.19, valuing it at RM18.4 billion. Its shares have dropped 11% year to date. Despite that, the stock has jumped almost 33% since the company was listed last September at an IPO price of RM1.65. The listing was Malaysia's largest in seven years and catapulted the wheelchair-bound Lee to billionaire status. Forbes ranks him at No 8 in its Malaysia's 50 Richest list, with a net worth of US$4.1 billion (RM17.37 billion). Lee, 61, who contracted polio as an infant, started his entrepreneurial journey by selling snacks by the roadside as a teenager. 99 Speed Mart kicked off its first quarter ended March 31 (Q1 FY2025) with a robust 7.5% rise in net profit to RM143.18 million despite rising uncertainty in the Malaysian economy. Its revenue grew at a similar pace, rising 7.7% to RM2.61 billion from RM2.43 billion in Q1 FY2024, driven by stronger retail sales and network expansion.
New Straits Times
a day ago
- Business
- New Straits Times
EPF takes substantial stake in 99 Speed Mart in first investment
KUALA LUMPUR: The Employees Provident Fund (EPF) has emerged as a substantial shareholder in 99 Speed Mart Retail Holdings Bhd after acquiring a 5.02 per cent stake in the home-grown mini market chain via a direct off-market deal. A filing with Bursa Malaysia today showed that EPF purchased 421.79 million shares on June 4, marking its first investment in the company. Details of the seller and transaction price were not disclosed. However, based on 99 Speed Mart's closing price of RM2.06 on the day of the transaction, the block is estimated to be worth RM868.89 million. Founder and chief executive Lee Thiam Wah remains the largest shareholder with a 79.68 per cent stake. At the close today, 99 Speed Mart's shares were up 0.48 per cent or one sen to RM2.10, valuing the company at RM17.64 billion. The company made its Main Market debut on Sept 9, 2024, at an initial public offering (IPO) price of RM1.65, marking Malaysia's largest IPO in seven years. Just months later, it was added to the FBM KLCI component list in December. 99 Speed Mart saw its net profit rose 7.53 per cent year-on-year (YoY) to RM143.18 million in the first quarter ended March 31, 2025 (1Q25), supported by stronger retail sales and store expansion. The company added 246 outlets YoY, bringing its store count to 2,833.
The Star
a day ago
- Business
- The Star
EPF buys 5.02% stake in 99 Speed Mart via off-market deal
PETALING JAYA: The Employees Provident Fund (EPF) has acquired a 5.02% stake in 99 Speed Mart Retail Holdings Bhd (99 Speed Mart) through a direct off-market transaction, according to a filing with Bursa Malaysia On June 4, the EPF purchased 421.79 million shares in the convenience store chain, marking the fund's first holding in 99 Speed Mart, which became part of the KLCI index in December last year. While details about the seller and the transaction price were not disclosed, the block of shares is estimated to be worth RM868.89mil, based on the retailer's closing price of RM2.06 per share on June 4. Founder and chief executive of 99 Speed Mart, Lee Thiam Wah, remains the largest shareholder with a 79.68% stake in the company. The counter rose by one sen to close at RM2.10, giving the company a market value of RM17.64bil.
New Straits Times
5 days ago
- Business
- New Straits Times
99 Speed Mart extends hours, opens at 9am from July 1
KUALA LUMPUR: 99 Speed Mart Retail Holdings Bhd has announced that its outlets nationwide will extend their operating hours, opening from 9am onwards effective July 1. In a statement today, the home-grown mini market chain retailer said this is in line with its commitment to enhance customer convenience and better align with shopping patterns. "This initiative reflects our dedication to elevating the customer experience while reinforcing our leadership position in the mini market retail space," said chief executive officer and founder Lee Thiam Wah. The announcement followed the company's second annual general meeting (AGM) held earlier today, during which all resolutions were approved by shareholders. The group said the audited financial statements for the financial year ended Dec 31, 2024, along with the directors and auditors report were presented and received by the shareholders. All incumbent directors standing for re-election were re-appointed and Messrs Crowe Malaysia PLT was re-appointed as the company's external auditor for the financial year ending Dec 31, 2025. Lee said the unanimous approval of the resolutions represents a strong endorsement of 99 Speed Mart's strategy and long-term vision. "As we look ahead, we remain focused on deepening our nationwide presence, strengthening our distribution network, and driving sustainable value creation for all stakeholders," he said.
The Star
15-05-2025
- Business
- The Star
99 Speed Mart's 1Q net profit rises 7.5%, declares 2.25 sen dividend
KUALA LUMPUR: 99 Speed Mart Retail Holdings Bhd, which saw its net profit rise 7.5% in the first quarter, has declared a first interim dividend of 2.25 sen per share — its maiden payout since listing last year. The convenience store chain operator said the dividend amounted to about RM189mil for the financial year ending Dec 31, 2025. The entitlement date is fixed on May 29, and payment will be made on June 9. 'In this quarter, we have declared our first dividend since our listing last year, a reflection of our solid financial foundation. 'With a dividend policy of distributing approximately 50% of our net profit, we intend to declare dividends twice annually as part of our commitment to reward shareholders while delivering sustainable long-term value,' founder and chief executive officer Lee Thiam Wah said in a statement. In the first quarter ended March 31 (1Q25), 99 Speed Mart posted a 7.5% increase in net profit to RM143.2mil, up from RM133.1mil a year earlier. Revenue for the quarter climbed 7.6% to RM2.6bil from RM2.4bil, while earnings per share rose to 1.70 sen from 1.59 sen a year ago. 99 Speed Mart said the higher revenue was primarily driven by the year-on-year expansion of the outlet network of 246 outlets, bringing the total to 2,833 outlets as of March 31. During the quarter, total sales transactions rose 7.8% to 119.6 million transactions, with the average basket size remaining stable at RM21.80. 'We are pleased to kick off the financial year with a solid set of results, reflecting our ongoing expansion and the growing traction of 99 Bulksales,' Lee said.
