Rais Imran, who is Lukman's roommate is going to participate in co-op this year. He has gotten acceptance from some companies. Jiin Joo has done intern as well, so do many more ReComers... So, I left it to them.
I think JPA will allow, as long as you can convince them of graduating in 4 years. If you can help them to save money, why not? Do apply for JPA approval early, half a year or even better a year...
I think it is possible to get some companies, not only Malaysian companies. Amazon, Oracle, JP Morgan etc have been conquered by various ReComers... I let them share with you... I think the main keyword is "network". Get to know people since long before you need to know them.
For Malaysian companies, esp those MSC-status companies, go to the following few links:-
MSC Student Attachments Program
MSC Internship Programs
MDC Practical Training Programs.
Hope that helps.