99 Speed Mart Eyes Bursa Malaysia Debut with Ambitious Expansion Goals

April 2024

99 Speed Mart Retail Holdings, Malaysia’s leading mini-market chain retailer, is preparing for its potential debut on Bursa Malaysia’s Main Market, the country’s principal stock exchange. The company submitted a preliminary prospectus for a domestic initial public offering (IPO) to the Securities Commission Malaysia in March 2024.

Founder Lee Thiam Wah aims to sell a portion of his ownership, up to 17%, equivalent to about 1.43 billion shares, as part of the IPO strategy. The company views the IPO as a crucial opportunity to raise funds from the financial market, targeting up to MYR 1.5 billion (USD 313 million) to support its expansion plans. The proceeds will be allocated towards various initiatives, including expanding the outlet network, establishing new distribution centers, acquiring delivery vehicles, and improving existing outlets to strengthen its market presence.

With ambitious goals to significantly increase its footprint, 99 Speed Mart aims to expand its outlets to 3,000 nationwide by the end of 2025, a substantial rise from its current count of 2,542 outlets. The company showcased strong financial performance in 2023, with a notable 48% increase in net profit to MYR 293.69 million (USD 61 million) compared to the corresponding period the year before. Additionally, in 2023, it was announced that KK Supermart & Superstore Sdn Bhd, the country’s second-largest mini-market chain with 800 outlets nationwide, is considering the possibility of listing its shares on Bursa Malaysia within the next one to three years.

(Sources: The Edge Malaysia; New Straits Times)

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