PRESS DIGEST - Malaysia - July 24

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

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

- A proposal for a centralised government agency to handle distribution of price-controlled essential foods will be tabled before the cabinet in about two weeks, Domestic Trade and Consumer Affairs Minister Shahrir Abdul Samad said.

BUSINESS TIMES

- Berjaya Land Bhd (BLAD.KL) has received offers to buy both its hotels in Seychelles for $62 million (201 million ringgit), its resort and hotel division head Foo Toon Kee said.

- The 500km gas pipeline project linking Sabah and Sarawak and 300-megawatt gas-driven power plant in Sabah are on track, the chief of national oil corporation Petroliam Nasional Bhd (Petronas) PETR.UL said.

THE STAR (www.thestar.com.my)

- The country's inflation hit a 27-year high of 7.7 percent in June, more than double May's figure of 3.8 percent, Domestic Trade and Consumer Affairs MInister Shahrir Abdul Samad said.

- The Malaysian Institute of Accountants does not believe that accounting firm Horwath should accept the appointment as auditors of Oilcorp Bhd (OILC.KL).

THE EDGE FINANCIAL DAILY (www.theedgedaily.com.my)

- Four Malaysia-based plantation companies - IOI Corp Bhd (IOIB.KL), United Plantations Bhd (UTPS.KL), Kulim (M) Bhd (KULM.KL) and Sime Darby Bhd (SIME.KL) - are likely to secure the Roundtable for Sustainable Palm Oil certification in the next few weeks, industry sources said.

THE MALAYSIAN RESERVE (www.themalaysianreserve.com)

- Malaysia's inflation rate in June exceeded expectations to reach a 26-year high of 7.7 percent following the substantial increase in fuel and food prices in that month, putting further pressure on Bank Negara Malaysia to raise interest rates, the Statistics Department said in a statement.

THE SUN (www.sun2surf.com)

- The cabinet on Wednesday discussed the Terengganu state government's controversial purchase of 14 Mercedes Benz E200 Kompressor, with a minister explaining later that the state may have misunderstood the Treasury instruction governing the purchase of locally-assembled foreign cars, Domestic Trade and Consumer Affairs Minister Shahrir Abdul Samad said.

- PTT Chemical Public Company Ltd signed a joint-venture agreement on Wednesday with Sime Darby Plantation Sdn Bhd, creating a strategic partnership for the joint ownership and control of Cognis Oleochemicals, said PTT Chemical President Aditheb Bisalbutr in a statement.

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