[Watch] From RM2 Dreams To Billions: The Humble Rise Of Malaysia’s Next Retail Titan
From a single store in Johor to a nationwide chain of 358 outlets, Lee’s success stems from a simple yet powerful promise: keeping essential items affordable at RM2.60-RM2.80.
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One man’s vision of making everyday essentials affordable for all Malaysians is about to make him the nation’s newest billionaire.
Dato’ Sri Lee Kar Whatt, the 52-year-old founder of Eco-Shop, is poised for a remarkable milestone as his company prepares for its 23 May listing on Bursa Malaysia.
From its modest beginnings in Jementah, Johor in 2003, Eco-Shop has grown into a retail phenomenon with 358 stores nationwide.
The secret? A simple promise to keep prices accessible—most items cost just RM2.60 in Peninsula Malaysia and RM2.80 in East Malaysia.
This commitment to affordability has resonated deeply with Malaysian families, turning shopping trips into opportunities for smart savings.
Values Over Valuations: A Billionaire’s Blueprint for Community Impact
Lee’s approach to business reflects a deeper understanding of community needs.
Despite the company’s impressive RM1 billion in annual sales, he has maintained focus on serving ordinary Malaysians.
His recent RM1 million donation to earthquake victims in Turkiye demonstrates that success hasn’t changed his values—it has amplified them.
Through the Malaysian Social Entrepreneurs Foundation, which he established in 2021, Lee inspires other businesses to embrace social responsibility.
Eco-Shop’s upcoming IPO, expected to value it at RM7 billion, isn’t just about creating wealth—it’s about expanding the company’s ability to serve more communities and create positive change.
New Billionaire, New Business Model: The Eco-Shop Difference
As Lee prepares to join Malaysia’s billionaire ranks with an estimated net worth of RM4.7 billion (US$1.09 billion as of May 2025), he would still fall short of entering the current top 10, where QL Resources’s Chia Song Kun holds the tenth position with US$2.3 billion according to Forbes’ April 2025 rankings.
His net worth would place him somewhere between the 15th and 20th positions among Malaysia’s wealthiest individuals, marking him as a significant new entrant to the billionaire club.
However, his net worth is still less than half that of the current 10th-ranked position.
In an era of rising living costs, Eco-Shop’s mission to keep daily necessities affordable feels more relevant than ever.
This approach differs from other retail players in the top 10, such as 99 Speedmart’s Lee Thiam Wah (ranked 8th with US$3.5 billion) and Chia, who operate in different segments of the retail and agribusiness sectors.
Beyond Wealth: A Legacy Built on Serving Millions
The upcoming IPO isn’t just a financial milestone—it’s a testament to how serving community needs with integrity can build successful businesses and meaningful legacies.
In a landscape where 30 of Malaysia’s 50 wealthiest individuals have grown richer in the past year, Lee’s rise stands out for its foundation in social impact rather than just wealth accumulation.
As Malaysia welcomes its newest billionaire into a club that includes titans like business magnate, investor and philanthropist Tan Sri Robert Kuok (US$11.4 billion) and Hong Leong Group Malaysia co-founder Tan Sri Quek Leng Chan (US$9.8 billion), it’s clear that Lee’s most outstanding achievement isn’t the wealth he has created but the millions of households his vision has helped.
His story adds a new dimension to Malaysia’s billionaire narrative—one in which accessibility and affordability drive both business success and social progress.
Mesti korang pun tertanya-tanyakan IPO Ecoshop ni patuh syariah ke tak. Meh Daus jawab #dausdk #dausdk #investment #ecoshop #ipo #bursamalaysia #moomoo pic.twitter.com/auURfHbJrl
— DausDK (@dausdkofficial) May 7, 2025
READ MORE: Eco-Shop Unveils IPO Prospectus
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