CBP EXPECTS TO DECLARE BETTER 2019 DIVIDEND

By Azlee Nor Mahmud

KUALA LUMPUR, Feb 7 -- Koperasi Co-opbank Pertama Malaysia Bhd (CBP) is expected to declare a better 2019 dividend compared to that of 2018 at 7.0 per cent in May this year, its chief executive officer/president, Mohd Nor Abd Razak said.

However, he declined to provide the detailed figure, as the auditing process is still ongoing.

"The figure can only be announced after the approval by regulators. The performance indicators for 2019 has been very encouraging, more than what was achieved in 2018,” he told reporters at the meet-up session with the media here recently.

 Mohd Nor said there were signs that CBP’s profit in 2019 was higher that RM52 million achieved in 2018.

He said CBP may declare higher dividend than that of Amanah Saham Bumiputera (ASB) and the Employees Provident Fund (EPF).

Permodalan Nasional Bhd (PNB) announced an income distribution of 5.00 sen a unit and a bonus of 0.5 sen for Amanah Saham Bumiputera (ASB) for 2019.

The EPF is expected to distribute a 2019 dividend rate of five to six per cent, based on economists projection.

"We are subjected to regulators, the accounts must be completed in February and submitted to the chairman before March 31, 2020. And it must gain the endorsement and approval from the board of directors before they are submitted to the Malaysia Co-operative Societies Commission (SKM),” he said.

He said as the 2019 business achievement surpassed the 2018 performance, the need for capital still exists.

"We are opening up opportunities for any individuals and cooperatives who are keen to increase or become new members,” he said adding that the waiting list now has reached 700 people.

The individual members of CBP is open to Malays, Muslims, and Sabah’s and Sarawak’s Bumiputera who have reached the age of 18, among others.

The minimum share payment of an individual member is RM1,000.

-- BERNAMA