EPF buys 5% stake in 99 Speed Mart

EPF buys 5% stake in 99 Speed Mart

The acquisition is worth nearly RM870 million based on the market price on June 4.

99 speedmart
The Employees Provident Fund has acquired a 5% stake in 99 Speed Mart, one of the country’s largest minimarket retail chains.
PETALING JAYA:
The Employees Provident Fund (EPF) has bought a 5.02% stake in 99 Speed Mart Retail Holdings Bhd (99 Speed Mart) via a direct off-market deal.

According to a filing with Bursa Malaysia, EPF had acquired 421.79 million shares in the minimarket operator on June 4.

While details about the seller and the transaction price were not disclosed, the block of shares is estimated to be worth RM868.89 million, based on the retailer’s closing price of RM2.06 per share on June 4.

Founder and CEO Lee Thiam Wah remains the largest shareholder, holding a 79.68% stake in the company.

Shares in 99 Speed Mart rose one sen to RM2.10 today, giving the company a market capitalisation of RM17.64 billion.

99 Speed Mart was added to the FBM KLCI component list in December last year, just months after its Main Market debut on Sept 9, 2024 at an initial public offering (IPO) price of RM1.65. The stock reached a high of RM2.58 in the same month.

Stay current - Follow FMT on WhatsApp, Google news and Telegram

Subscribe to our newsletter and get news delivered to your mailbox.