Thursday 07 Dec 2023
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KUALA LUMPUR (Feb 10): Lee Thiam Wah — the founder of retail chain 99 Speedmart — has emerged as the substantial shareholder of Alliance Bank Malaysia Bhd, with a 5.076% stake.

A filing on Friday (Feb 10) shows that Lee’s company Global Success Network Sdn Bhd acquired 1.38 million shares or a 0.089% stake on the open market on Thursday (Feb 9), bumping his stake in the bank to 5.076%.

Note that Lee is also the third-largest shareholder of Alliance Bank, after Vertical Theme Sdn Bhd (29.06%) and the Employees Provident Fund (EPF) (10.5%).

A check with the Companies Commission Malaysia (SSM) shows that Vertical Theme is 51%-owned by Langkah Bahagia Sdn Bhd, while the remaining 49% is held by Duxton Investments Pte Ltd, whose ultimate shareholder is Singapore’s state-owned Temasek Holdings Ltd.

Langkah Bahagia is 33.68%-owned by Ong Tiong Sin, while both Singapore hotelier Ong Beng Seng and corporate adviser Seow Lun Hoo hold 33.16% each.

Shares in Alliance Bank finished one sen or 0.29% up at RM3.48, giving the bank a market capitalisation of RM5.39 billion.

Edited ByLee Weng Khuen
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