Malaysian billionaire Lee Thiam Wah's 99 Speedmart to sell Midea home appliances
99 Speedmart, the Malaysian mini-mart chain founded by billionaire Lee Thiam Wah, will start selling selected products from Chinese home appliance giant Midea at its outlets nationwide from August.
Malaysian billionaire Lee Thiam Wah, CEO of 99 Speedmart, has announced a strategic partnership to sell Midea home appliances across his 3,100 retail outlets. Midea products, including rice cookers, toasters, and fans, will also be available on 99 Bulksales. CEO Lee stated that the partnership aims to provide Malaysians with greater convenience by making quality home appliances more accessible through their nationwide network.
Midea Malaysia's managing director, Mark Tam, added that the collaboration allows the company to tap into 99 Speedmart's extensive retail network and effectively reach neighborhood communities, aligning with the chain's "Near n Save" slogan. Lee, who founded 99 Speedmart in 1987, lost the use of his legs as a child due to polio.
The company went public in 2024, making Lee a billionaire, with an estimated net worth of $6.7 billion, according to Forbes. For Q1 2026, 99 Speedmart reported a net profit of RM188.6 million and revenues of RM3.07 billion, a 30.1% and 17.5% increase year-on-year, respectively. Midea is a leading home appliance manufacturer in China, with operations in over 200 countries, including Toshiba, COLMO, Eureka, and KUKA.
The company is listed on the Fortune Global 500 and Shenzhen and Hong Kong stock exchanges, experiencing a surge in demand for air conditioners in Europe due to recurrent heatwaves.
Written by urgent.news from VnExpress Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
