FEATURES
7 Inspiring Facts About Lee Thiam Wah, the Founder of 99 Speedmart
Unless you've been living under a rock, you must know what 99 Speedmart is. This convenience store can be found in almost all neighbourhoods in the country and has become a favourite among Malaysians because the goods sold there are typically lower priced.
Recently, the founder of 99 Speedmart, Lee Thiam Wah, managed to break into Malaysia's Top 10 richest list. With an estimated net worth of RM17.6 billion, he is currently at the 7th spot on the 2024 Nanyang Rich List.
On that note, let's take a look at seven facts about the man behind the 99 Speedmart.
1. He was wheelchair-bound after he contracted polio at eight months old
Image Credit: FacebookLee was born in 1954 in Klang. When he was just eight months old, Lee contracted Poliomyelitis, a disease caused by poliovirus. As a result, Lee was confined to a wheelchair for the rest of his life.
2. He could only attend school until he was Standard 6
Despite his current success, he came from a struggling background. With 11 children in total, Lee's father, a construction worker, and his mother, a street food vendor, couldn't afford Lee's education at the time. Thus, he only received formal education until he was in Standard 6.
3. His grandmother was the one who encouraged him to start his first small business
Image Credit: Wiki ImpactDue to his physical disability, Lee had no choice but to be confined at home. However, in an interview, he said he was thankful for his grandmother, who had cared for him and encouraged him to do something with his life.
“She told me, ‘You're only disabled physically, not mentally. You are smart and can still use your hands to do so much more. You will need to be independent and find a way to live or you will be left behind’.”
Inspired by that, Lee, who was 14 at the time, started a small home business selling snacks from the porch of his house.
4. He opened his first grocery store at the age of 23
Image Credit: ToodiaLee led a frugal life. He saved as much money as possible from his small business. Finally, after saving up to RM17,000, he opened his first grocery store, Pasar Raya Hiap Hoe.
His business flourished as they are well-known for its good customer service, fair price and variety of goods.
5. He opened the first mini-mart in 1992
After five years in the business, Lee decided he wanted more challenges, so he sold Pasar Raya Hiap Hoe to a relative for RM88,000. With that money, he opened his first mini-mart in Klang, targeting low-income customers and migrant workers.
6. He rebranded and changed his mini-marts name to 99 Speedmart in 2000
Image Credit: 99speedmart.com.myBy the year 2000, business was doing so well, and Lee decided it was time to give his store a new look. Thus, the name 99 Speedmart was chosen. The number ‘99’ was chosen as it is symbolic to Lee.
“The number implies that even though we are not perfect, we still aim to offer our customers the best services and products we have at a competitive price.”
As of July 2024, 99 Speedmart has over 2,000 outlets across the country.
7. He is the third largest shareholder of Alliance Bank
Lee is the founder and CEO of 99 Speedmart and a major shareholder in Alliance Bank Malaysia Bhd.
He is the third largest shareholder of Alliance Bank after Vertical Theme Sdn Bhd's 29.06% and the Employee Provident Fund’s (EPF) 10.5%.
Featured Image Credit: The Star
Featured Image Credit: The Star
Must-Watch Video