99 Pace Mart, one among Malaysia’s largest comfort retailer chains, is without doubt one of the latest companies on the Southeast Asia 500, making its debut after its 2024 IPO, Malaysia’s largest in seven years.
With $2.2 billion in income, 99 Pace Mart generated sufficient gross sales to land it at No. 158 on Fortune’s rating of the most important Southeast Asian firms by income. The corporate at present has 2,833 shops and 20 distribution facilities throughout the nation, and plans to succeed in 3,000 shops by the top of the yr.
However 99 Pace Mart’s story can also be as a lot a narrative about its founder, Lee Thiam Wah, as it’s concerning the progress of a comfort retailer chain.
Lee contracted polio at a younger age and subsequently misplaced the usage of his legs. He’s been wheelchair-bound for a lot of his life. “Nobody would hire me due to my physical limitations,” he instructed Forbes in a 2010 interview. In that interview, he quoted recommendation from his paternal grandfather: “If you don’t work hard, what will you amount to?”
KG Krishnan—Bloomberg through Getty Pictures
Lee’s retail profession received its begin when he began promoting snacks from a roadside stall. He then opened his first mini market in 1987 as a sole proprietorship, then established Ninety 9 Market in 1992. By 1998, he had a community of 8 mini markets, and established 99 Pace Mart two years later.
Now, 99 Pace Mart is the most important mini-market participant in Malaysia, in keeping with its IPO prospectus. 99 Pace Mart holds 40% of the market in opposition to world competitors like 7-Eleven, and the chain additionally has an 11% share of the grocery market.
The corporate raised $532 million in an IPO final September, Malaysia’s largest in seven years. The itemizing made Lee a billionaire, and one among Malaysia’s richest males.
99 Pace Mart plans to make use of the IPO proceeds to fund its world growth. In an interview with Bloomberg after the itemizing, Lee stated he’s searching for “good opportunities” to go abroad, however has no “concrete plans” as of but. (99 Pace Mart briefly had an outlet in Singapore, earlier than withdrawing because of the COVID pandemic).
Along with being the CEO of 99 Pace Mart, Lee additionally operates franchising rights for Burger King in Malaysia and Singapore, and is the third-largest shareholder of Alliance Financial institution Malaysia, in keeping with Bloomberg.
Shares in 99 Pace Mart are up 9.57% since September’s IPO. Malaysia’s benchmark FTSE Bursa Malaysia KLCI index is down about 8% over the identical interval.
