KUALA LUMPUR: Co-opbank Pertama (CBP) will temporarily suspend new and additional share subscriptions on December 31, 2023.
The company said in a statement that those who are interested can still subscribe to CBP shares at new branches that will open after the aforementioned date.
CBP has reached its target share capital, which is sufficient to support business growth until 2026, according to its chief executive officer Khairil Anuar Mohammad Anuar.
"As per our 2022-2026 Strategic Plan, it is paramount for CBP to strengthen its capital base to support an estimated business growth of 20–25 per cent annually.
"I would like to extend our heartfelt gratitude to all our members, existing and new, who have subscribed to CBP shares and continually placed their trust and support in CBP," he said.
Earlier this year, CBP opened share subscriptions to the public starting January 1, 2023, at all CBP branches nationwide, with share capital growth rates exceeding 25 per cent since the beginning of this year.
The current share subscriptions are available to both new and existing members, with a maximum of up to RM5 million for individuals and 20 per cent of the current CBP share capital for the cooperative.
"For the record, CBP recorded a profit of RM103.4 million for the financial year ending December 31, 2022, with a dividend distribution of 6.3 per cent," he added.