The Virgina 100

Virginia Business
www.virginiabusiness.com
June 1999

The VIRGINIA 100

THE RICHEST PEOPLE IN THE COMMONWEALTH

Net Worth: $125 Million
Confidence: B
Owais A. Dagra

Richmond. 35.  Convenience –store wunderkind is president and CEO of Fas Mart. Turned $500 investment in single convenience store in 1990 into $500 million, 170 store chain employing more than 2000. Vertically integrated company includes Dagra Petroleum, which serves Fas Mart locations and 100 independent retailers. Dagra orchestrated three acquisitions in past 12 months, growing from 22 to 170 stores; revenues increased 1,600 percent to $500 million in same period. Goal: revenues of $1 billion in near future.

Sole owner of the company, Dagra raises money on Wall Street through bond issues: “No investors or equity players, no coupons,” is how he explains Fas Mart’s financing. Born in Pakistan, went to school in United States, studied commerce at University of Karachi in Pakistan but learned most skills “at the University of Life. … I’ve been working since I was 12 years old,” he says. “I was living in Richmond. I had two newspaper routes – one morning and one evening. I was also a part-time cook at Kentucky Fried Chicken.” Charitable interests include education and athletic scholarships and sponsoring under privileged children locally and nationally.