KUALA LUMPUR: The robust governance and proficient management of Koperasi Jayadiri Malaysia Berhad (Kojadi) has established it as a premier, people-oriented cooperative that is now among the top 15 in the country.
Having amassed nearly RM400mil in assets as of Dec 31, 2023, the 43-year-old cooperative showcases a track record in repayment collection that has garnered attention and acclaim, said Datuk Seri Dr Wee Ka Siong.
“Kojadi has consistently excelled in loan disbursement to the public, setting a standard that is second to none,” said Dr Wee, who is MCA president.
Kojadi is one of two cooperatives run by the MCA, the other being Koperasi Serbaguna Malaysia Berhad.
“Our success over the years is a testament to doing things right,” he said in his speech at the opening Kojadi’s 42nd annual general meeting, which also saw the launching of a repackaged soft loan for small and medium enterprises (SMEs), at Wisma MCA here yesterday.
“I remember I was often asked by governmental officials about our impressive repayment collection rates, which I attributed to the board of directors. They are good at their jobs while remaining compliant with the laws.
“The cooperative’s strategic efforts have placed it in the prestigious 2023 National Top 100 Best Cooperative Index,” Dr Wee said.
“It also climbed from 16th place in 2022 to 15th place in 2023 among the 15,600 registered cooperatives in the country.
“With the dedicated and effective leadership in Kojadi, we aspire to be in the Top 10 next,” he said.
The National Top 100 Best Cooperative Index Award is run and audited by the Malaysian Cooperatives Commission, regulated under the Entrepreneur Development and Cooperatives Ministry.
The initiative is a repackaged SME loan that operates through a revolving fund where monies are periodically put into the sinking fund and then partially utilised for purpose-specific loans.
He said the funds allow Kojadi to furnish these loans while maintaining a healthy cash flow for timely repayment to the government.
“The money is already in the account, where some amount of money is set aside periodically in the sinking fund for repayment purposes.
“Instead of letting the money stay there, we are allowed to utilise it [for loans] and at the same time, have enough cash flow to ensure repayment to the government.”
The government had announced a RM50mil business scheme per year for SMEs beginning in 2015 and Kojadi had been tasked with disbursing the loans.
Kojadi chairman Datuk Koh Nai Kwong said that as of December 2023, more than RM260mil in SME soft loans have been disbursed to 1,504 members.
“Kojadi’s business income improved slightly to RM22mil in 2023, with a net profit of RM10mil reported at the end of 2023.
“The board recommended distributing a 4.5% dividend for all qualified members, totalling RM2.95mil in payouts.
The repackaged SME loan programme will be expanded to Sabah and Sarawak, Koh added.
Koh also attributed Kojadi’s improved standing to the board’s commitment, as well as its internal audit committee – which ensured the cooperative’s commitment to its independence.
“Malaysia’s ambition to become a high-income developed nation presents challenge that demands collective support from cooperatives,” he said.