Asia's newest billionaire founded a grocery store in 1987 and never gave up any stake — until this week's IPO [Business Insider]
UNITED OVRSEAS BK S/ADR (UOVEY)
NASDAQ:AMEX Investor Relations:
uobgroup.com/investor/index.html
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Source: Business Insider
The company went public on Monday, becoming the largest Malaysian IPO in seven years. Lee grew the business from eight stores to over 2,600 across Malaysia, the largest mini-mart chain in the nation. Lee Thiam Wah started selling snacks at a roadside stall. Now, he's Asia's latest entrepreneur to reach billionaire status. He founded the convenience store chain 99 Speed Mart and officially became a billionaire on Monday after his company went public in Kuala Lumpur. The $531 million initial public offering on Monday shattered a seven-year record in the country for the largest IPO, at 1.65 Malaysian ringgit, or $0.38, per share. This brings Lee's net worth to $3.3 billion, according to Bloomberg's Billionaires Index. Born in 1964 in the Malaysian city of Klang, Lee grew up in a family with 11 children. His parents, a construction worker and a hawker, struggled to make ends meet, per Bloomberg. Lee contracted polio as a child and lost the use of his legs, making it difficult t
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