PRESS DIGEST - Malaysia - March 18

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

ALL NEWSPAPERS

-- UMNO's disciplinary board on Tuesday barred Malacca Chief Minister Mohd Ali Rustan from contesting the deputy presidency at the party's general assembly next week after finding him guilty of breaching party ethics.

-- SapuraCrest Petroleum Bhd (SCRS.KL) has won a contract worth $825 million (3 billion ringgit) for installation works at Gumusut-Kakap fields, about 200km offshore Sabah, Executive Vice-Chairman Shahril Shamsuddin said.

THE STAR (www.thestar.com.my)

-- IOI Corp Bhd (IOIB.KL) has extended the deadline of its takeover offer for the ramaining shares it does not own in IOI Properties Bhd IOIP.KL by 14 days to March 31, as the acceptance level of 89.68 percent is not enough to trigger a compulsory acquisition of the latter, Minority Shareholder Watchdog Group Chief Executive Officer, Rita Benoy Bushon said.

BUSINESS TIMES (www.btimes.com.my)

-- Permodalan Nasional Bhd (PNB) has confirmed it is finalising a merger to create a large property group and says it may undertake an initial public offering when the stock market recovers, PNB President Hamad Kama Piah Che Othman said.

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

-- Despite having a commendable and comfortable level of cooperation, Malaysia and Indonesia must continue to work on improving and strengthening ties, Prime Minister Abdllah Ahmad Badawi said.

THE EDGE FINANCIAL DAILY (www.theedgemalaysia.com)

-- SapuraCrest Petroleum Bhd (SCRS.KL) has landed another major oil and gas job - its second since November last year - to provide deepwater installation facilities, analysts said.

THE MALAYSIAN RESERVE (www.themalaysianreserve.com)¦

-- Amanah Saham Nasional Bhd (ASNB) declared its lowest income distribution of 6.25 cents per unit for Amanah Saham Malaysia (ASM) since the equity-income fund was launched in April 2000, PNB Chairman Ahmad Sarji Abdul Hamid said.

THE SUN (www.sun2surf.com)

-- Democratic Action party (DAP) national chairman Karpal Singh was charged with sedition at the Sessions Court on Tuesday for making a statement on Feb. 6 that the Sultan of Perak could be taken to court. He pleaded not guilty.