Johor Teachers’ Co-Op Makes History With Oil Tanker Deal

By R. SITTAMPARAM

THE Koperasi Guru-Guru Johor Bhd (KGJB) has created history by venturing into the shipping sector with the joint purchase of a oil tanker.

The RM2 million tanker purchased by KGJB together with Imexoil Corp Sdn Bhd will supply oil to ships bunkered at port areas in Klang and Johor.

Entrepreneur and Cooperative Development Minister, Datuk Mohd Khaled Nordin who launched the tanker, Melati Indah, at the Tanjung Langsat port jetty in Pasir Gudang on Sunday, said KGJB’s bold venture into the shipping sector serves as an example for other cooperatives in the country.

“Apart from its main activity of providing loans for its members and having accumulated RM8 million in funds, KGJB has shown its far reaching vision by involving in this challenging but lucrative sector.

“I’m told that KGJB is successful enough to give annual dividends of 4-4.5 per cent for its more than 1,500 members even in difficult economic times.”

Mohd Khaled said KGJB’s efforts were in line with the government policy in wanting more successful cooperatives to be set up in the country.

He said these cooperatives should however first create a strong and stable fund by developing its credit business base before venturing into more lucrative businesses.

Mohd Khaled said the Government was also planning to merge several successful cooperatives to form a bank similar to Bank Rakyat which currently had assets amounting to RM24 billion with 800,000 members.

Also present at the launching ceremony were KGJB chairman Abdullah Nahar and Imexoil Corp’s chief executive director Tubiran Kassim.