90 cooperatives make investment applications worth RM1.43 bln last year

PETALING JAYA: A total of 90 cooperatives made investment applications worth over RM1.43 billon to the Cooperative Commission of Malaysia (SKM) under Section 54 (2) of the Cooperatives Act 1993 until Dec 31 last year.

Entrepreneur Development and Cooperatives Minister Tan Sri Noh Omar said of them, 35 applications worth over RM260.6 million were approved by SKM.

"The investment activities undertaken by the cooperatives included investing in subsidiaries, unit trusts, shares in Bursa Malaysia, and joint ventures," he said at the signing of a memorandum of understanding (MoU) for the setting up of oil palm waste collection and processing centres, here today. .

Noh said 620 cooperatives had carried out investment activities in post-market shares with investment worth RM14.31 billion.

On another development, the minister proposed that cooperative leaders explore new cooperative business models based on the current scenario to ensure that cooperative turnover continues to increase.

"Elements of creativity and the ability to process new business models need to be mobilised as much as possible," he said.

At the event, Noh witnessed the signing of an MoU to build 20 oil palm waste collection centres nationwide for distribution to Green Technology Park (GTP), Pekan, Pahang

The signatories were Nextgreen Global Bhd, Malaysia Green Technology and Climate Change Corporation, Koperasi Amanah Ikhtiar Malaysia Bhd, and Koperasi Perkhidmatan Setia Bhd for the production of paper, tissue, animal feed, and fertilizer.

Noh also launched the MyAngkasaku application developed by Angkasa in collaboration with Nextgreen Global Bhd which will benefit nearly three million Angkasa members nationwide to purchase school supplies online through credit provided by Koperasi Perkhidmatan Setia Bhd.

-- BERNAMA