Our Co-operative had successfully concluded its 77th Annual General
Meeting held at the Che Hoon Khor Moral Uplifting Hall in Macalister
Road, Penang on 22 March 2009
A total of
1856 members attended the
meeting. Also present at the meeting was Puan Rozaini Bt Ibrahim,
Penolong Pengarah Kanan of Suruhanjaya Koperasi Malaysia, Penang.
his speech, our Chairman Dato' Tan Gin Soon said the year 2008 had not
been a good year financially and economically. The deepening credit
crisis, the declining value of currencies and the persisiting global
imbalances posed major threats to economic growth around the world.
Malaysia is not spared either as can be seen in the economic downturn
that has affected all sectors of businesses and that includes our
co-operative which incurred a loss in the stock market as a result of
global meltdown in equity markets.
However, amidst this gloomy economic picture, our co-operative is still
able to nett a profit of RM1,334,563.46 for the year ending 30
Chairman Dato' Tan Gin Soon proudly informed members present that our
co-operative is ranked 39 out of the best 100 co-operatives in Malaysia
and this ranking was declared by the Suruhanjaya Koperasi Malaysia
9SKM) during the national level celeberations of Hari Koperasi Negara
The AGM this year unanimously approved the revision of the various
existing loans. The new loans now come with increased quantum, reduced
interest rates and longer repayment period with minimum surety