PRESS DIGEST - Malaysia - Nov 11

Following are the main stories in Malaysian newspapers. Reuters has not verified these stories and does not vouch for their accuracy.

THE STAR (www.thestar.com.my)

-- Programmes under Budget 2009 and the seven billion ringgit stimulus package must take off preferably by the first quarter of next year, Finance Minister Najib Razak said.

-- Indian-Muslim and Indian Restaurant Operators and Owners Associations in the Klang Valley have voluntarily dropped the prices of daily foods and tea by 10 cents and 20 cents.

-- A price war among major tobacco companies is heating up with players slashing their prices in selected cigarette segments since early this month, an industry source said.

NEW STRAITS TIMES (www.nst.com.my)

-- Asean countries need to cooperate with each other to minimise the effects of the global economic slump, Deputy Prime Minister Najib Razak said.

-- The Wanita (Women) UMNO executive council agreed on the plan for Rafidah Aziz to hand over the leadership to her deputy, Shahrizat Abdul Jalil, in June.

BUSINESS TIMES (www.btimes.com.my)

-- Scomi Engineering Bhd (SMNG.KL) and its Indian partner, Larsen and Toubro Ltd, have won a 1.85 billion ringgit contract to build a monorail system in the Mumbai Metropolitan Region, Scomi Group Chief Executive, Shah Hakim Zain said.

-- AmBank Group will buy MAA Holdings Bhd's (MAAS.KL) general insurance unit for 274.8 million ringgit in hopes of becoming the country's top general insurer, MAA Holdings Executive Chairman, Tunku Ya'acob Tunku Abdullah said.

THE EDGE FINANCIAL DAILY (www.theedgedaily.com)

-- Malaysian Assurance Alliance Bhd (MAA Assurance) (MAAS.KL), which has to divest assets to boost its balance sheet, has hived off its general insurance business and sold another slice of its takaful business, AmBank Group and MAA Assurance said in statements.

THE MALAYSIAN RESERVE (www.themalaysianreserve.com)

-- AmBank is offering 291 million ringgit to acquire MAA Holdings Bhd's (MAAS.KL) general insurance business and a 4.9 percent stake in its takaful business, MAA Holdings Executive Chairman Tunku Ya'acob Tunku Abdullah said.

-- FITCH Ratings on Monday changed the Outlook on Malaysia's long-term foreign currency Issuer Default Rating to "Stable" from "Positive", which ratings experts said may make it more expensive for the government to raise external funds, the British ratings agency said in a statement.

THE SUN (www.sun2surf.com)

-- Wanita (Women) UMNO's power transition from Rafidah Aziz to her deputy Shahrizat Abdul Jalil will take place in June as earlier agreed, despite sections of the grassroots pushing for a March handover.

-- The Economic Planning Unit (EPU) has ordered Tourism Ministry subsidiary Pempena Sdn Bhd to stop all activities on Malaysia Kitchen, sources said.

-- Scomi Engineering Bhd (SMNG.KL) has bagged a monorail contract in Mumbai, India worth 1.846 billion ringgit under its unincorporated consortium with Larsen & Toubro Ltd, the company said.

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