RM510,000 MCM aid for Co-op UMS Concept Store
KOTA KINABALU: Universiti Malaysia Sabah (UMS) Berhad received a total of RM510,000 financial assistance from Malaysia Co-operative Commission for its Co-op UMS Concept Store.
Entrepreneur Development Minister Datuk Seri Mohd Redzuan Md Yusof, who officiated at the the opening of the store, said RM500,000 is a credit financing which was approved for ‘tabung modal pusingan' (capital return fund) while RM10,000 was an assistance to develop the construction cost of counters and exhibition shelves for cooperative retail activities.
“UMS Co-operative has three retail outlets such as running retail business, bookstore and stationery located at UMS Main Campus in Sepanggar, UMS Labuan International Campus and UMS Faculty of Agriculture in Sandakan.
“Apart from that, the cooperative also conducts credit financing activities for members, “he added.
Mohd Redzuan also congratulated UMS Co-operative's outstanding achievement, being ranked 21st out of 100 best cooperatives 2018 in Sabah.
He also explained that the co-operative offered goods and services at an affordable prices and provides a 5% discount to students for every minimum purchase of RM10 in line with the principle of co-operative concern to society.
“I understand that the Universiti Malaysia Sabah Berhad co-operative has members among UMS students. Through this co-operative the students can be involved directly and cultivate entrepreneurial culture. Hopefully, this co-operative will be active in order to maintain sustainability of its activities, “he said.