Kota Kinabalu: The Malaysia Co-operative Societies Commission (MCSC) has expressed full support for plans by Sabah Government Employees Cooperative Society Berhad (Kopeks) to develop its land at the former Sabah Times office site here.
Sabah MCSC Director Awg Rusli Mohammad said the commission would assist Kopeks in planning and implementing the proposed development, which is envisioned as an iconic building in the State capital.
He said the approximately one-acre site presented an opportunity for Kopeks to expand its activities as the cooperative seeks to diversify its sources of income and explore new business opportunities.
“MCSC fully supports Kopeks in developing the site, and we want to see an iconic Kopeks building in the centre of Kota Kinabalu,” he said after officiating at Kopeks’ 63rd anniversary celebration at the cooperative’s office, here, Tuesday.
Rusli said MCSC would work with Kopeks on the planning and implementation of the proposed development, in line with efforts to further strengthen the cooperative.
Kopeks Chairman Datuk Saat Ag Damit said the development of the former Sabah Times site was among the cooperative’s plans as it undergoes a strategic transformation to strengthen its business operations.
He said the proposed development was envisioned as a commercial and operational centre for cooperatives in Sabah, providing a platform for cooperative-related activities.
Saat said Kopeks was exploring new sources of income as it could not depend solely on its existing businesses, adding that the cooperative was looking at ventures capable of generating sustainable returns.
“There is no other way for us but to increase our income by developing new businesses that can provide good returns,” he said.
He said the proposal for the site would have to go through the necessary processes before implementation, including consideration at the cooperative level.
The proposed development is among several initiatives being considered by Kopeks as part of efforts to strengthen its assets and diversify its business portfolio.
Kopeks currently has 5,996 members, total assets of RM142.59 million, total fees of RM32.58 million and share capital of RM2.68 million.
Rusli said Kopeks had considerable potential for further growth after 63 years of operation, adding that MCSC would continue supporting efforts to strengthen the cooperative and expand its economic activities.
