Co-op to venture beyond property sector

KEMAMAN: Koperasi Pembangunan Daerah Kemaman Berhad, actively engaged in the property sector, is diversifying into viable and profitable economic sectors to strengthen its financial status.

Source from (Business Times): http://www.btimes.com.my/Current_News/BTIMES/articles/AHOSE/Article/
Published: August 22, 2012

Chairman Abdul Ghani Azahari said after the first phase of the 600-unit mixed housing project at Batu 3 1/2, Jalan Air Puteh, was completed, the cooperative planned to develop the phase two at the same place.

"We received good response from the people for phase one. We want to proceed with the second phase to build another 600 units of affordable and medium-cost houses and bungalows, he said.

Abdul Ghani said the RM80 million second phase is expected to start in mid-2013.

He said the cooperative, established in 1983 with 600 members, is now venturing into new business areas such as operating petrol stations and opening 1Malaysia People's Sundry Shops.

Abdul Ghani said the cooperative had discussed with the East Coast Highway authorities to open a petrol kiosk costing RM3 million at the Jabor-Kuantan Highway.

"We are now looking for a strategic location along the highway. Construction work is expected to begin by year-end," he said.

Abdul Ghani also said the cooperative was negotiating with Mydin Holdings to open a four-shoplot 1Malaysia People's Sundry Shop and to supply groceries and daily essentials to the shop.

"However, this project has not been finalised as we also have other plans. The Cooperative Commission of Malaysia has suggested that we start our own business through Ko-Op, the commission's business arm .

"So, we are now considering whether to work with Mydin Holdings or with Ko-Op. We'll decide which option will be viable and profitable to us.

"We expect to start this project by year-end," he added. Bernama