A strategic partnership announced on Wednesday will see Midea’s rice cookers, toasters and fans, among others, stocked at more than 3,100 99 Speed Mart outlets across Malaysia. Midea products will also be available on the 99 Bulksales platform, Bernama reported.
Lee, who serves as 99 Speedmart’s CEO, said the firm is constantly seeking new ways to better meet Malaysians’ everyday needs as the country’s largest mini-mart chain.
“This collaboration allows us to offer greater convenience by making quality home appliances more accessible through our nationwide network,” he said, as quoted by The Rakyat Post.
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A 99 Speedmart outlet. Photo from the company’s website |
Mark Tam, Midea Malaysia’s managing director, said the partnership allows the company to tap into 99 Speed Mart’s extensive retail network and reach neighborhood communities more effectively, in line with the chain’s “Near n’ Save” slogan.
99 Speedmart began as a small sundry shop opened in 1987 by Lee, who permanently lost the use of his legs as a child due to polio.
The firm went public in 2024 and made Lee a billionaire. Forbes ranked him as Malaysia’s 6th richest man with an estimated net worth of $6.7 billion in April.
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Lee Thiam Wah, CEO and executive director of 99 Speedmart. Photo from the company’s website |
The chain posted a net profit of RM188.6 million (US$46.1 million) on revenues of RM3.07 billion for the first quarter of 2026, up 30.1% and 17.5% year-on-year, respectively, according to its press release.
Midea is one of China’s largest home appliance makers, with operations in more than 200 countries and a portfolio that includes Toshiba, COLMO, Eureka and KUKA. The company is listed on the Fortune Global 500 as well as the Shenzhen and Hong Kong stock exchanges.
It has recently seen a surge in demand from Europe, particularly for its air conditioners, amid recurrent heatwaves in the region.