Kopeks to start distributing RM682,639 cash dividends
Published on: Tuesday, July 14, 2020
Kota Kinabalu: Sabah Government Employees Cooperative Society Berhad (Kopeks) will start distributing cash dividends amounting to RM682,639 (one per cent on membership fee and nine per cent on shares) for the financial year 2018 to its 8447 members effective Monday.Announcing this in a press conference held at Wisma Kopeks, Malaysia Cooperative Commission (SKM) Sabah Director Kastian Haji Dula, who also acts as Administrator of Kopeks, said the distribution is in line with the cooperative’s objective to improve its members’ welfare and economy.
ADVERTISEMENT
He said the dividends distribution is being done at Kopeks headquarters in Sadong Jaya according to the standard operating procedure (SOP) set by the Government during this Recovery Movement Control Order (RMCO) phase.
Members who come to collect their cash dividends are required to comply with the SOP set by the National Security Council (MKN), which include wearing a face mask, to record attendance and have their body temperature scanned as well as observing social distancing.
Kastian also said Kopeks is still under the SKM’s administration, under Section 69(2) of the 1993 Cooperative Act, since October 30 last year, and the focus of the Kopeks Administrator is on making savings and increasing the profit of Kopeks.
On the application from members who have retired for their fee to be returned, he said those whose application was made in 2017 and 2018 have been paid and settled completely, while the payment process for those who applied for 2019 and 2020 has been smooth and in accordance with the 12 months’ notice set in the Kopeks By-laws (UUK).
ADVERTISEMENT
“Under the Cooperative Act 1993, it is compulsory for the fees paid by the members to be returned when they retired and Kopeks is in the process of arranging it accordingly and it has regained the trust of members towards Kopeks,” said Kastian.
He also informed that the Kopeks Annual General Meeting for 2020 has been postponed due to Covid-19. It is also part of the cost-savings measures under the Kopeks administration and recovery.
ADVERTISEMENT
“(But) Kopeks businesses are running well as usual,” he said.
Kastian also announced a Prihatin Financing Package meant for stimulating the economy and provide financial assistance for Kopeks existing and new members who can apply for a loan up to RM30,000 with a low interest rate of 3.99 per cent.
He urged civil servants from the Federal and State Government departments and agencies to join Kopeks especially those who have just join in the service.
According to Kopeks Corporate Information, the cooperative has registered RM12,735,074 in total revenue for the audited financial year of 2018, with a net profit of RM1,481,943, while for the financial year 2019 which is currently being audited, it reported a total revenue of RM11,397,994.01, with net profit of RM1,226,325.02.Stay up-to-date by following Daily Express’s Telegram channel.
Daily Express Malaysia
