PRESS DIGEST - Malaysia - June 1
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)
-- The Energy Commission has proposed the setting up of a stabilisation fund to support the fuel pass-through mechanism and manage fuel cost volatility more effectively, says chairman Pian Sukro.
BUSINESS TIMES (www.btimes.com.my)
-- Malaysian Resources Corp Bhd (MRCB) (MYRS.KL), a builder and one of the country's biggest providers of office space, says its property development business will likely account for half of the gorup's revenue next year owing to a recent pick-up in projects, group managing director Shahril Ridza Ridzuan said.
-- Property developer Tan & Tan Development Bhd said demand for residential properties, particularly in niche markets, remains strong.
THE EDGE FINANCIAL DAILY (www.theedgemalaysia.com)
-- Food-based QL Resources Bhd (QRES.KL) has earmarked 280 million ringgit as capital expenditure (capex) for its current fiscal year and the next, deemed pivotal to spur its regional merger and acquisition plans, and to improve its manufacturing facilities, its managing director Chia Song Kun said.
-- Two Malaysian shipbuilders, Boustead Heavy Industries Corp Bhd (BHIB.KL) and Nam Cheong Dockyard Sdn Bhd, are among eight companies shortlisted by Oil and Natural Gas Corp of India for a contract to build 12 offshore support vessels, valued at about $160 million (560 million ringgit), a shipping publication said.
THE MALAYSIAN RESERVE (www.themalaysianreserve.com)
-- Pacific & Orient Insurance Co Bhd (P&O Insurance) (PACO.KL), one of the local top guns in motor insurance, is set to pull out completely from the third party motor insurance segment, following the trend of other insurance providers in Malaysia who have stayed clear of this sector due to the high claims ratio, P&O managing director Chan Thyse Seng said.
THE SUN (www.sun2surf.com)
-- Flour, sugar and bread are set to cost more next year, Domestic Trade and Consumer Affairs Ministry secretary-general Mohd Zain Mohd Dom said.
-- Bank Negara Malaysia (BNM) and the Bank of Thailand (BOT) will pursue avenues to further bolster bilateral initiatives in the financial system to reinforce the high degree of economic and trade integration between Malaysia and Thailand, the central banks said in a joint statement.
($1=3.527 Malaysian Ringgit)
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