Lee Thiam Wah’s story is nothing short of remarkable. From selling snacks at a roadside stall in Malaysia to becoming one of the nation’s wealthiest individuals, his journey is a testament to determination, hard work, and resilience. The founder of 99 Speed Mart, a convenience store empire that now boasts over 2,600 locations, has risen from humble beginnings to billionaire status, an achievement that many could only dream of.
Lee’s journey began in 1964 in Klang, Malaysia, where he was born as one of 11 children in a family with limited means. His father was a construction worker, and his mother sold food as a hawker. Due to financial constraints, Lee could only attend school for six years. At the age of eight, he contracted polio, which left him permanently unable to use his legs. Faced with immense adversity, Lee had no choice but to find a way to support himself. As he once said, “Nobody would hire me due to my physical limitation. I have to help myself.”
Despite these obstacles, Lee’s entrepreneurial spirit thrived. He started by selling snacks at a roadside stall, a modest beginning that laid the foundation for his future success. In 1987, he opened his first grocery store, and within ten years, he was operating eight stores under the name Pasar Mini 99. Alongside his wife, Ng Lee Tieng, who started as a purchasing executive at the company, the couple built 99 Speed Mart into Malaysia’s largest convenience store chain, holding a 40 percent market share in the mini-market segment.
Today, 99 Speed Mart is a household name in Malaysia, known for its tagline "Near n' Save," which emphasizes convenience and affordability for consumers. The chain’s success can be attributed to Lee’s unwavering commitment to customer satisfaction, operational efficiency, and the scale of the business, which has created significant barriers for competitors to enter the market.
Lee’s rise to billionaire status was solidified with the recent IPO of 99 Speed Mart Retail Holdings Bhd, the largest public offering in Malaysia in seven years. The company’s US$531 million IPO has catapulted Lee’s fortune to an estimated US$3.3 billion, cementing his place among Malaysia’s wealthiest individuals.
What makes Lee’s story even more inspiring is his ability to overcome personal challenges. Losing the use of his legs at a young age could have deterred many, but Lee used it as motivation to build something bigger than himself. His journey demonstrates the power of resilience, innovation, and the drive to succeed in the face of adversity. It also serves as a beacon of hope for small business owners, proving that with perseverance and a customer-focused approach, it is possible to grow from humble beginnings to great heights.
Lee’s success extends beyond 99 Speed Mart. He holds stakes in several other businesses, including the sole Malaysian franchise for Burger King restaurants. Last year, he briefly emerged as one of the largest individual shareholders in Alliance Bank Malaysia Bhd, further showcasing his diverse business acumen.
As Lee continues to lead 99 Speed Mart into its next chapter of growth, his story remains an inspiring example of what can be achieved through grit, determination, and an unyielding belief in oneself. His legacy is a reminder that no matter the challenges one faces, success is within reach with the right mindset and approach.
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