Kota Kinabalu: Sabah Government Employees Cooperative Society Berhad (Kopeks) is targeting RM2.5 million in additional share subscriptions from its members to strengthen its capital and support new business ventures.
Sabah Malaysia Cooperative Societies Commission (MCSC) Director Awg Rusli Mohammad said the campaign, launched in conjunction with Kopeks’ 63rd anniversary celebration on Tuesday, would remain open until the RM2.5 million target was reached.
He said the campaign had already raised RM73,000, with some members increasing their shareholdings by as much as RM31,000.
“This is a very encouraging figure for Kopeks in launching the additional share subscription among its members,” Rusli said when officiating the celebration at the Kopeks office here.
Speaking to the media after the launch, he said participating members would also stand a chance to win prizes, including a car, motorcycles and electrical appliances.
Rusli said the additional capital would provide Kopeks with greater opportunities to venture into new and more challenging business areas as part of efforts to diversify its sources of income.
He said Kopeks continued to have significant potential for growth after 63 years of operation and urged the cooperative to attract younger people as members and future leaders.
“We need to find our young people as the next generation of leadership in Kopeks, and at the same time we need to recruit new members to take Kopeks forward in the future,” he said.
Rusli said Kopeks had also planned several new business activities this year, which could further strengthen the cooperative and provide greater benefits to its members.
Meanwhile, Kopeks Chairman Datuk Saat Ag Damit said about 80 per cent of members currently held only the basic RM200 shareholding, providing considerable room for them to increase their investments.
“Members had previously been encouraged to increase their shares, but Kopeks decided to introduce a dedicated campaign with incentives to encourage greater participation,” he said.
Saat said RM63,000 had been collected before the launch, with another RM10,000 received on Tuesday, bringing the total additional share subscriptions to RM73,000.
He said increasing Kopeks’ income through new and competitive businesses was necessary to strengthen the cooperative and address the challenges it faced.
“There is no other way for us but to increase our income by developing new businesses that can provide good returns,” he said.
Saat said Kopeks was exploring several new business activities as part of its strategic transformation, including involvement in dialysis services.
Kopeks currently has 5,996 members, with total assets of RM142.59 million, total fees of RM32.58 million and share capital of RM2.68 million.
The event also saw the launch of Kopeks’ 63rd anniversary celebration, its Independence Month campaign and the second edition of Kinabalu Media.
Rusli said Kopeks was the first cooperative in Sabah to launch an Independence Month campaign this year, with the initiative running from August until Sept 16 in support of the national celebrations.
