Monday, 28 Sep 2020
16/09/2020 04:42 PM

SIBU, Sept 16 -- The Cooperative Commission of Malaysia (SKM) has identified several local cooperatives which have the ability to acquire shares in competitive and successful companies listed on Bursa Malaysia Securities.

Entrepreneur Development and Cooperatives Minister Datuk Seri Dr Wan Junaidi Tuanku Jaafar today said cooperatives have the ability to lead in the acquisition of stakes in public listed companies which could further increase their income.

"We just have to find how (suitable approach) to enable them to acquire shares in public listed companies on Bursa Malaysia, which are competitive and successful, and can give returns to the cooperatives," he told reporters after attending an interactive session with cooperative representatives from the central zone in Sarawak here.

He said the involvement of cooperatives in the acquisition of shares in listed companies must be done properly, whereby SKM will play a role in supervising the cooperatives involved to ensure the acquisitions are in line with the objectives of their incorporation.

"SKM's duty is to advise so that the cooperatives do not divert from their purpose (of establishment) and and lost their direction... (we're) also afraid they will get involved in the 'wrong' company which don't bring in income," he said.

Through this process, the cooperatives involved would be able to increase their contribution to the country's gross domestic product over the next 10 years, he added.

Meanwhile, Wan Junaidi said SKM has no plans currently to oblige all cooperatives to appoint only managers with academic qualifications in cooperative sector in line with the proposal to upgrade the Cooperative Institute of Malaysia to a university college.

He said the existing regulations under the Cooperative Societies Act 1993 has already required any cooperative institution board to undergo certain courses in managing their cooperatives.

According to him, the proposal to upgrade the institute to-date is only to provide human resources with appropriate qualifications to inject dynamism and new thinking into the management of cooperatives.

"The law (requiring qualified cooperative managers) may be addressed later… (but) if there are board members (cooperative) who have interest to further their education to the university level, why not," he said.

Some 120 members representing 37 cooperatives here and surrounding areas attended the one-day interactive session organised by SKM, aimed at getting feedback from cooperators to improve and strengthen their cooperative development.



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