Medac developing co-op transformation plan

Mentek (fifth right) receives a token of appreciation from Fathi (second left) at Wisma Koperkasa, on Sunday (June 14). Also seen is the executive vice chairman of Cooperative Commission of Malaysia (SKM), Zazali Haron (third right).

KUCHING: The Ministry of Entrepreneur Development and Cooperatives (Medac) is developing a co-operative transformation plan to improve the revenue and welfare of its members.

Medac’s secretary-general, Datuk Seri Mohammad Mentek revealed this during his visit to Koperasi Koperkasa Berhad Sarawak at Wisma Koperkasa here on Sunday (June 14).

He pointed out that as the income of a co-operative increased, so would the benefits to its members.

“There are many benefits that come with the membership of a co-operative. For example, in Koperasi Koperkasa Berhad Sarawak, I believe government officials in the co-operative are very fortunate to be involved in the real estate development business,” he said

Mentek revealed that Koperkasa Koperkasa Berhad Sarawak was the best cooperative in the state and ranked 16th among 100 top co-operatives in the country.  

“Not only that, Koperkasa Sarawak’s model of housing in the real estate development is good for assisting members of the public service by providing them with places to stay.

“As such, hopefully the state government can provide land for the construction of houses for the members managed by the cooperatives.

“This is because we are aware the returns received by members when the housing project is implemented in terms of performance and quality can be guaranteed.

“The house prices will also be lower than the competitive market prices,” he added.

Mentek said the real estate development introduced by Koperkasa Sarawak should be a model for other cooperatives in the country.

Apart from housing, Mentek also commented on other amenities and benefits provided by Koperkasa Sarawak to members such as premises rental and Syariah financing for personal loans, motorcycle loans and other types of loans.

Earlier, Koperasi Koperkasa Berhad Sarawak’s chairman, Fathi Hambali revealed that last year, the co-operative recorded a profit of RM10,192,975, compared to RM7,342,380 in 2018.

Fathi added Koperkasa Sarawak currently had 25,527 members, mostly teachers.