PETALING JAYA, Selangor: Angkatan Koperasi Kebangsaan Malaysia Berhad (ANGKASA) has approved six new business plans worth a total of RM293 million to strengthen the future economic direction of the country’s cooperative movement.
Its president, Datuk Seri Dr Abdul Fattah Abdullah, said the proposals for the business plans were unanimously approved at ANGKASA’s 40th Annual Delegates Meeting (MAPA) today.
He said among the key initiatives approved was an investment and equity acquisition in Boost Holding Sdn Bhd, enabling ANGKASA, through MyANGKASA Digital Services (MDS), to acquire a stake in Boost Bank, one of Malaysia’s digital banking institutions.
“ANGKASA’s involvement in the digital banking sector is a continuation of plans developed in previous years following recommendations by Bank Negara Malaysia (BNM).
“This strategic move will open up greater space and opportunities for the cooperative movement and its members to access more flexible financing facilities,” he told reporters after opening the 40th MAPA at Wisma Ungku A. Aziz here.
Abdul Fattah added that as ANGKASA operates as a cooperative entity, the share acquisition exercise is currently pending formal approval from the Ministry of Entrepreneur and Cooperative Development (KUSKOP).
In addition to the digital banking investment, delegates also approved several strategic proposals, including a RM30 million investment to rebrand subsidiary MyANGKASA Ventures Sdn Bhd and expand into the digital takaful sector, as well as RM36 million to establish 11 new ANGKASA-owned dialysis centres nationwide.
“For the dialysis initiative, our long-term goal is to establish a National Dialysis Centre to help address the needs of new kidney patients in Malaysia, which are estimated to reach between 5,000 and 7,000 cases annually,” he said.
During the meeting, delegates also approved a proposal to seek government consideration for an additional RM500 million allocation this year to strengthen cooperative activities in retail, technology, agriculture and food security.
ANGKASA will also submit a proposal to exempt the three per cent tax imposed on contributions to the Education Fund and Cooperative Development Fund to reduce financial pressure on the sector.
The annual general meeting, attended by 5,687 delegates both physically and online, also elected Datuk Ibrahim Abdullah and Zaharuddin Alias as ANGKASA’s new vice-presidents. – BERNAMA
