PRESS DIGEST - Malaysia - June 9

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

BUSINESS TIMES (www.btimes.com.my)

- Property developer Magna Prima Bhd (MAGN.KL) plans to set up a one billion ringgit real estate investment trust (REIT) within the next five years, Chief Executive Officer Lim Ching Choy said.

- UAC Bhd (UACS.KL) is banking on a new wall product for both local and overseas markets to drive its flagship cellulose fibre cement board business, Chief Executive Officer Koo Hock Fee said.

THE STAR (www.thestar.com.my)

- There is no reason for stage and schoolbus operators to up their fares as the increases in quotas for diesel subsidies should be more than sufficient for them, Domestic Trade and Consumer Affairs Minister Shahrir Abdul Samad said.

- Mulpha International Bhd (MITC.KL) will continue to seek strategic acquisitions, said Executive Chairman Lee Seng Huang.

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

- The government is looking beyond restructuring the fuel subsidy to improve economic efficiency, including reducing the expenditure of government agencies, Second Finance Minister Nor Mohamed Yakcop said.

- The government will channel an additional 500 million ringgit by the end of this month to thousands of farmers to ease their burden following the rising cost of fertilisers and pesticides, Agriculture and Agro-based Industry Minister Mustapa Mohamed said.

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

- The government will be fixing the key performance indicators for government-linked companies (GLCs) with the objective of bringing their performance on par with that of the private sector, said Second Finance Minister Nor Mohamed Yakcop.

THE MALAYSIAN RESERVE (news@themalaysianreserve.com)

- Alstom Power Asia Pacific Sdn Bhd, which has its Asia-Oceania power hub in Kuala Lumpur, sees East Malaysia as a potential growth market for its services here, both for the development of power plants as well as in terms of their operations and maintenance, and servicing, its Country President Saji Raghavan said.

- The business community must move quickly to adjust to the change in operating environment caused by the recent hike in petrol prices, said Asian Strategy & Leadership Institute (ASLI) Chief Executive Officer, Michael Yeoh said.

THE SUN (www.sun2surf.com)

- The government is working on other ways to lessen the pain of rising fuel prices apart from restructuring the subsidy package, said Second Finance Minister Nor Mohamed Yakcop.

- Pesaka Astana (M) Sdn Bhd has secured a 15 million ringgit contract from the South Korean Ministry of Defence to supply a waterjet propulsion system to the country's navy, its Chief Executive Officer Mohamed Rafie Sain said.

BERITA HARIAN (www.bharian.com.my)

- The Higher Education Ministry's Ninth Malaysia Plan (9MP) budgetary allocation has been slashed by 800 million ringgit to pay for various subsidies, its Minister Mohamed Khaled Nordin said.

** Looking for more information from local sources? Reuters Business Briefing has 13 Malaysian sources including Business Times Malaysia. For details of the product please call your local help desk (PHONE/HELP). ($1=3.163 Malaysian Ringgit)