If you look at the annual report for Alliance Bank for 2025, you will find Global Success Sdn Bhd listed among the 30 largest shareholders.

The ultimate shareholder for Global Success Sdn Bhd is Lee Thiam Wah, the founder and CEO of 99 Speedmart.

The shareholding is a very ONG (lucky) number: 4.98%.

Malaysian banking shareholdings are tightly regulated, and Bank Negara allows no private ownership of more than 10%.

But Lee sees enough value in Alliance Bank that he wants to own 4.98% of it.

Depending on its share price, 99 Speedmart is ranked 15th to 18th within the FBM30. It is a big company in Malaysia today by any standard.

Every Malaysian has shopped at 99 Speedmart one way or another.

But in 1992, when it started as “Pasar Mini 99” in Klang—a sole proprietorship—it was one of those tiny SMEs that Alliance Bank served.

It was a tiny sundry business run by a man in a wheelchair, who, despite his physical disability, went on to build a business that physically more able men did not manage to create.

If you have ever started a business, then you know how hard it is for a small business to find its niche. And even when you do find your niche, it is not easy to find a banker that will take a chance on you.

But Alliance Bank did take a chance on him. When 99 Speedmart went public in 2024, 6.8% of the proceeds went to repay bank term loans. One of the banks that received that repayment was Alliance Bank.

Having dealt with the bank before, Lee took a chance on them during the Covid period, when the stock was trading around 0.5x–0.6x book value.

Lee is a shrewd businessman and acts when he sees a good deal. When the economy eventually recovered, he made a tidy profit.

In 2026, Alliance Bank is trading at 0.9x book value. It is more expensive than what Lee paid during the Covid period, but still cheap compared to other banks like Maybank.

But should it continue to grow with consistency, as its CEO has promised, that discount will slowly diminish once again.