KUALA LUMPUR: 99 Speed Mart Retail Holdings Bhd
(99 Holdings) has signed a retail underwriting agreement with CIMB Investment Bank Bhd, Affin Hwang Investment Bank Bhd and RHB Investment Bank Bhd in conjunction with its upcoming initial public offering (IPO).
99 Holdings is targeted to be listed on the Main Market of Bursa Malaysia in the third quarter of 2024.
99 Holdings runs the “99 Speedmart” chain, selling daily necessities and fast-moving consumer goods through over 2,600 mini-market outlets across Malaysia.
The group’s IPO of up to 1.43 billion ordinary shares will comprise an offer for sale of up to 1.028 billion existing ordinary shares and a public issue of 400 million new ordinary shares.
The institutional offering will involve up to 1.21 billion shares, representing 14.5% of the company’s enlarged issued shares, while the retail offering will consist of 210 million shares, representing 2.5% of the enlarged issued shares.
“We are excited to embark on the next phase of our growth journey.
“By tapping into the capital markets, we can accelerate our expansion plan and continue scaling our store network to expand our footprint in Malaysia.
“This will further solidify our position as the largest mini-market chain retailer in Malaysia, enhancing our brand recognition in the region.
“It will also drive consumer engagement and enable the public to participate in the company’s growth,” 99 Holdings founder and chief executive officer Lee Thiam Wah stated in a statement yesterday.
The group was established by Lee as a traditional sundry shop named “Pasar Raya Hiap Hoe” in Klang, Selangor in 1987.
In 2000, 99 Speed Mart Sdn Bhd was incorporated and the first outlet under the “99 Speedmart” trade name was opened in Klang.
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