KOPEKS distributes cash dividends

Carl (5th right) presenting the dividend to one of the recipients.

5 March 2024

By Nabalu News Journalist

KOTA KINABALU: KOPEKS distributed cash dividends to members amounting RM1,055,446 for the financial years 2021 and 2022 yesterday.

The event held at Wisma Wanita shared the dividend percentage for each year of one (1) percent on fees and five (5) percent on shares for both years involved.

The event was officiated by Carl Mosoom the Political Secretary to the Minister of Entrepreneur Development and Cooperative Datuk Ewon Benedick, on the Minister's behalf.

In his speech delivered by Carl, he stated that despite the somewhat adverse effects of the Movement Control Order (PKP) in 2020 on KOPEKS' business, dividend distributions to members have been made continuously until 2021 and 2022, which were paid out to members at once.

"KOPEKS provides significant assistance to members in terms of financial financing to build and renovate homes, purchase furniture, financial support for children's education in schools and universities, repair vehicles, family healthcare, and much more," he shared.

According to him, the success and sustainability of the cooperative depend on the commitment and dedication of the Board Members as well as the cooperation of cooperative members.

" Indeed, the integrity of the Board Members is crucial in managing and administering the cooperative."

however, the cooperative must comply with legal requirements at all times and always refer to the Cooperative Commission (SKM) for advice and enlightenment regarding the law before implementing any matters other than routine matters.

He expressed his hope that the Board will wisely seek new sources of income because reliance on a single source of income will not help the cooperative to continue to progress and develop.

Also present during the event were Matias Kundapin the director of Cooperative Commission of Malaysia, Sabah and other officers.