3 days ago
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.
