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First and foremost, allow me to express my highest appreciation and gratitude to the government for the initiative to amend the Cooperative Societies Act 1993 by introducing the concept of basic cooperatives among professionals, which can be registered with a minimum of five individuals. This move is a highly welcomed reform, as it provides an opportunity for professionals to actively participate in cooperatives, thereby strengthening the role of cooperatives within the national economic landscape.

Koperasi Proniaga Berhad (KPNB) welcomes the government’s proposal to enact a new cooperative act to replace the Cooperative Societies Act 1993 [Act 502]. With the addition of over 200 new provisions and enhancements to 96 existing ones, we are confident that the revised act will strengthen regulatory elements, ensure cooperatives remain relevant in the current economic environment, and support the growth of cooperatives as competitive and resilient business entities.

KPNB was officially registered on 3 September 2021 and holds the distinction of being the first professional cooperative in the state of Kelantan. The cooperative comprises 11 members, all of whom are professionals from various fields. KPNB is also the first cooperative to receive approval from the Medical Device Authority of Malaysia to supply medical devices, including dialysis machines and consumables, from China to Malaysia. In addition, our cooperative has successfully secured a Revolving Capital Fund amounting to RM1 million from the Malaysia Cooperative Societies Commission, which will strengthen our working capital and further advance our entrepreneurial initiatives.

With the establishment of this professional cooperative, professionals in Malaysia now have a more suitable platform to venture into the cooperative sector, ultimately enabling this cooperative to become a legacy that can be passed down to future generations. This allows our children and descendants to continue the businesses we have built and secure a stronger future. We believe that professional cooperatives such as this hold the potential to rival other business entities, including conventional enterprises and private limited companies, in delivering positive economic impact to the nation. We remain committed to realising this aspiration and to contributing to the country's economic growth through the vehicle of professional cooperatives.

Thank you.

DATO’ DR. HJ. MOHAMED SAAT BIN HJ. ISMAIL

Chairman

Koperasi Proniaga Berhad (KPNB)

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