From Malaysian roadside snack seller to billionaire: inside Lee Thiam Wah’s meteoric rise

On Monday, the 60-year-old will be newly minted as a billionaire after his company 99 Speed Mart Retail Holdings Bhd goes public in Kuala Lumpur.

The listing cements Kuala Lumpur as the busiest location for market debuts in Southeast Asia this year and shows investor optimism in the nation’s growth potential. The firm’s shares are seen as a way to build exposure to the consumer sector in an economy that’s projected to expand as much as 5 per cent this year.

“It comes at a crucial moment for both Malaysia’s IPO landscape and Southeast Asia’s capital markets,” said Mohit Mirpuri, a senior partner and fund manager at Singapore-based SGMC Capital Pte Ltd. “This could boost market sentiment and position Malaysia as a key player,” in regional listings, he said.