99 Speedmart Founder Is Now Alliance Bank Major Shareholder
Lee Thiam Wah is the third largest shareholder of Alliance Bank.
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The founder of the 99 Speedmart retail chains, Lee Thiam Wah emerged as a major shareholder in Alliance Bank Malaysia Bhd, with a 5.076 per cent stake.
Information in Bursa Malaysia today showed that his company, Global Success Network Sdn Bhd bought 1.38 million shares or 0.0089 per cent stake in the open market on Thursday (9 Feb).
It pushed its stake in the bank to 5.076 per cent.
Lee is the third largest shareholder of Alliance Bank after Vertical Theme Sdn Bhd’s 29.06 per cent) and Employee Provident Fund’s (KWSP) 10.5 per cent.
Humble Beginnings
He started his business by selling snacks on the side of the road until he managed to collect savings amounting to RM17,000 at the age of 23.
He used the savings to open a grocery store called Pasar Raya Hiap Hoe, thus starting his career in the retail industry.
Thiam Wah sold Pasar Raya Hiap Hoe for RM38,000 in 1992.
Lee then established the 99 mini markets in Klang Utama, his first step in realizing his vision to build an integrated supermarket chain.
As the popularity of the 99 Speedmart mini markets grew, Thiam Wah later rebranded the 99 mini markets to 99 Speedmart in 2000.
Malaysia’s Smallest Domestic Lender
Alliance Bank shares closed up one sen or 0.29 per cent at RM3.48 on Friday (11 Feb), giving it a market capitalization of RM5.39 billion.
Alliance Bank was incorporated in Malaysia on 3 August 1982 under the name of Malaysian French Bank Berhad.
In 1996, it assumed the name of Multi-Purpose Bank Berhad.
Following the successful merger of seven financial institutions in January 2001, the Bank assumed its present name.
As of September 2022, Alliance Bank has 79 branches in the country.
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