RM119m payout for Armed Forces Cooperative members

About 148,000 members of the Armed Forces Cooperative will be receiving a dividend of 14 per cent for the 2012 financial year amounting to RM119 million.

Source from (The Malaysian Insider): http://www.themalaysianinsider.com/malaysia/article/rm119m-payout-for-armed-forces-cooperative-members/
Published: Jun 30, 2013

Defence Minister Datuk Seri Hishammuddin Tun Hussein said the cooperative was able to pay a high dividend because it netted RM915 million in fees and shares in the 2012 financial year compared to RM819 million the previous year.

He said the cooperative registered the highest pre-tax profit in its history at RM249.09 million last year compared to RM209.51 million in 2011.

"This stunning financial achievement is in line with the Armed Forces’ objective to encourage cooperative members to save for the future.

"I am very proud of the achievement and I hope cooperative members are satisfied with the dividend rate approved," he said when opening the 48th Armed Forces Cooperative annual general meeting at the Sungai Buloh army camp in Kuala Lumpur today.

Unveiling the cooperative's plan to become a cooperative bank by 2015, Hishammuddin urged its management to enhance its capability and capacity so as to realise the vision.

"The management should continue to explore new markets to increase the cooperative’s profit to ensure that it could continue to provide a dividend yield of at least 12 percent per year to members," he said.

Meanwhile, Hishammuddin, who is also acting Transport Minister, described the Pan Malaysia Bus Operators Association's (PMBOA) plan to increase express bus fares by 30 per cent as irresponsible.

He said the Land Public Transport Commission (SPAD) has been negotiating with express bus operators to find a solution since PMBOA announced its plan on June 14. – Bernama, June 30, 2013.