A child polio survivor who founded a convenience store empire is Malaysia's newest billionaire [Fortune]
UNITED OVRSEAS BK S/ADR (UOVEY)
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Source: Fortune
Several decades later, the entrepreneur has transformed that humble beginning into a sprawling retail empire of more than 2,600 convenience stores across the nation. Today, the 60-year-old was minted as a billionaire after his company 99 Speed Mart Retail Holdings Bhd went public in Kuala Lumpur. The $531 million initial public offering is Malaysia's largest in seven years. At the IPO price of 1.65 ringgit ($0.38) per share, Lee's fortune is about $3.3 billion, according to the Bloomberg Billionaires Index. The stock rose as much as 15% on Monday. The listing cements Kuala Lumpur as the busiest location for market debuts in Southeast Asia this year and shows investor optimism in the nation's growth potential. The firm's shares are seen as a way to build exposure to the consumer sector in an economy that's projected to expand as much as 5% this year. “It comes at a crucial moment for both Malaysia's IPO landscape and Southeast Asia's capital markets,” said Mohit Mirpuri, a seni
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