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14pc dividend for Armed Forces Cooperative members
KUALA LUMPUR: Defence Minister Datuk Seri Dr Ahmad Zahid Hamidi today announced a 14 per cent dividend for the 2011 financial year for members of the Armed Forces Cooperative.
He said the dividend announcement was made as the cooperative had succeeded in accumulating more than RM2 billion in assets last year, with RM212 million in profit before tax, as compared to RM159 million in 2010.
"The Armed Forces Cooperative is one of the best cooperatives in the country, with about 144,000 members, and headed by quality leaders to enable the cooperative to achieve better profits.
"We are targeting the assets of the cooperative to surpass RM10 billion by 2020, and this would make it the most successful cooperative," he told a media conference after opening the Armed Forces Cooperative's 47th annual general meeting at the Sungai Buloh Camp here today.
Also present were Army Chief Gen Tan Sri Zulkifli Zainal Abidin, Navy Chief Admiral Tan Sri Abdul Aziz Jaafar, Air Force Chief Gen Tan Sri Rodzali Daud and Armed Forces Cooperative chairman Brig-Gen Datuk Mohd Nizam Jaffar.
Ahmad Zahid, who is also cooperative patron, said its move in investing in Ar-Rahnu or Islamic pawning business by opening a branch each in Kota Baru, Kelantan; Kluang, Johor; and Sungai Besi here by year-end would further help expand the cooperative's assets.
Meanwhile, Mohd Nizam said, in paving the way to become the best cooperative in the country, the Armed Forces Cooperative was also set to become a cooperative bank by 2015.
This was in line with the target of the Malaysian Cooperative Commission to create at least four banking cooperatives by 2020.
"We are priming the cooperative towards achieving the objective," said Mohd Nizam. -- BERNAMA