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.
