110 Classified as Mega-Cooperatives

GEORGE TOWN, 27 JANUARY, 2012: One hundred and ten out of 8,606 registered cooperatives nationwide have been classified as mega-cooperatives by the Cooperative Commission of Malaysia, as they have the capacity to generate profits in excess of RM5 million and operate on a global scale, said Domestic Trade, Cooperatives and Consumerism deputy minister Datuk Rohani Abdul Karim.   

 

"The most profitable of the 110, are Bank Kerjasama Rakyat Malaysia Berhad and FELDA," she said after the official launching of a workshop on motor vehicle repair by the Penang Airport Berhad drivers' cooperative.    

    
Rohani also went on to say that five percent of cooperatives in the country were no longer active or had failed to achieve the objective of their formation, due to weak management and shortage of funds.  
    
"Cooperatives which cannot afford to pay their management salaries will be assisted by the Malaysian Cooperative Commission for two years until they're able to stand on their own," she added.   
    

- Bernama