KSM bounces back with huge profits
Liow: MCA’s co-op arm out of the woods
KUALA LUMPUR: Koperasi Serbaguna Malaysia Berhad (KSM) has put its troubled past behind it, registering a huge jump in profits, says Datuk Seri Liow Tiong Lai.
The MCA president said the party’s cooperative arm was expected to do better in the coming years. He also lauded KSM’s financial performance last year.
“KSM has managed to revive itself after so many years since the slew of cooperative problems in the 1980s.
“KSM has increased its year-to-year profits by 200%, with a profit of RM1.7mil last year. This is an excellent improvement,” he said during his opening speech at KSM’s 38th annual general meeting yesterday.
Comprising over 250,000 members, KSM was a project initiated by MCA in 1968 and has stakes in the local palm oil plantation industry.
Liow urged KSM to also consider investing in logistics and e-commerce as both are touted as up-and-coming sectors in the next few years.
“We hope KSM is able to continue its fastpaced growth in this challenging economy,” he said.
On another matter, Liow urged the Chinese community to stand united with MCA moving forward.
“MCA and the Chinese community are inseparable. Elections are coming and we need to be ready to face battle. Only when we are united can we be stronger and contribute to the country’s economic growth,” he said.
Later in Bentong, Liow shared his aspirations for people in the municipality after attending MCA’s Jom Gerak Teguh Bersama carnival at SJK(C) Khai Mun Repas.
Liow, who is the Bentong MP, said he has drawn up a long-term blueprint for Bentong’s development with the East Coast Railway Line (ECRL) being a crucial element.
“Bentong is one of the stops. I am confident this will spur the local economy,” he said.
He added that MCA Youth’s Koperasi Petani Muda Malaysia has rented 50 acres of agriculture land in Telemong, Karak, for the benefit of young farmers.
“We want Bentong to be an attractive place for youths. With better management and modern technology, these agriculture lands will grow. With so many plans in place, Bentong’s future looks promising,” he said.
In a separate event on Friday, Liow called for the Kuantan parliamentary seat to be returned and contested by an MCA candidate.
“When I worked for Tan Sri Lim Ah Lek as his political secretary, I used to follow him back to his hometown.
“We used to solve the people’s problems and pushed for a development agenda for Kuantan,” he said at the “Stronger Together” dinner in Kuantan.
In the last general election, the seat was “loaned” to Umno to be contested.
Liow said he was confident the Chinese community would give their support to MCA this time to wrest back the seat.