Daily Express
Published on: Sunday, March 21, 2010

RM327,370 bonus for 8,300 loyal Kopeks members

Kota Kinabalu: A total of 8,300 members of the Sabah Government Employees Co-operative Society Bhd (Kopeks), who stuck with the co-operative through thick and thin, were rewarded for their loyalty here, Saturday, with bonuses amounting to RM327,370.

Kopeks Chairman, Datuk Maznah Abdul Ghani, said the payout was a historical one for the co-operative as it was the first in 15 years.

She said the bonuses were paid to show appreciation for their loyalty and for believing in the co-operative’s noble struggle.

“The last dividends were paid to Kopeks members in 1996 and after that, the co-operative faced huge challenges where at one time, the businesses went downhill and continued to bear losses until 2005.

“Following this, the members took proactive measures and sought assistance from the Malaysian Co-operative Commission (previously known as Co-operative Development Department) to tackle its issues and administration of Kopeks under Section 69(2) of Co-operative Act 1993.

“Since then, Kopeks underwent a rehabilitation and transformation process, and finally, it has fully recovered.

“To show appreciation to our loyal members, we are giving out bonuses to them based on our profit performance for financial year 2008,” she said.

Maznah, who is also Deputy State Secretary, said this at the bonus payment ceremony held at the Lembah Impian Country Homes in Penampang, near here.

Malaysian Co-operative Commission Sabah Deputy Director, Joseph Tang, who represented its Director, Saiful Bahri Omar, officiated at the event.

Also present was Kopeks Chief Executive Officer Buvil Angkui.

According to Maznah, the administration of Kopeks was re-handed to the members on June 8, 2009 following its annual general meting to select the Kopeks Board of Directors.

Maznah said the co-operative had been registering a growth in income from 2007 to 2009.

“In 2007, the co-operative made a total income of RM2.6 million and the following year, it generated RM6.2 million.

“The co-operative’s total income kept growing in 2009, which stood at RM10.73 million and is expected to make a nett profit of RM4.21 million.

For this year, we have set a target to achieve a total income of RM15 million,” she said.

From 2005 up to 2009, she said Kopeks had issued loans amounting to RM107.1 million, with a total of RM48 million given out as loans to members in 2009 alone.

For this year, Maznah said Kopeks has set a target of RM50 million in loans to its members.

Apart from this, she said the co-operative will also begin its Islamic mortgage known as Ar-Rahnu through a franchise business with Bank Rakyat in three months’ time to widen the co-operative’s income base with the provision of the facility to its members and public in Sabah.

Maznah said the Kopeks membership had also grown from 7,777 members in 2006 to 9,787 this year.

“As the Chairman of Kopeks, I truly appreciate the full support of the loyal members for maintaining their memberships with Kopeks through its hard struggle and good times. Kopeks was set up by the members and because of the members, the co-operative still exists and continues to be relevant.

“In addition, the board of directors and its management will continue to bring positive changes to develop Kopeks as a co-operative that has a strong financial standing based on a two-pronged strategy.

“The first strategy is taking care of the welfare of the members as the main priority and second, developing Kopeks as a competitive and successful organisation,” she said.

Meanwhile, Malaysian Cooperative Commission Sabah Director, Saiful Bahri Omar, congratulated Kopeks for procuring a nett profit of RM1.363 million for the financial year ended Dec 31, 2008.

He said Kopeks was therefore able to pay out bonuses to its loyal members, especially those who maintained their membership through critical times when the co-operative had to be managed by an administrator.

The Commission’s Deputy Director, Joseph Tang, delivered Saiful’s speech in the ceremony.