PRESS DIGEST - Malaysia - July 1
Following are the main stories in Malaysian newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
ALL NEWSPAPERS
-- In a major push to dismantle restrictive policies set under the New Economic Policy in 1971, the government on Tuesday scrapped the 30 percent Bumiputera equity ownership requirement for public-listed companies (PLCs) but maintained a "macro target" of 30 percent for the community.
THE STAR (www.thestar.com.my)
-- The government has announced a series of measures, including slashing Bumiputera equity requirements for new initial public offerings and fund management firms, to boost international investment in the country.
-- Bursa Malaysia (BMYS.KL) closed on Tuesday flat with the KL Composite Index almost unchanged from Monday while markets in the regional were mixed.
BUSINESS TIMES (www.btimes.com.my)
-- AirAsia Bhd (AIRA.KL) is looking at raising about 500 million ringgit by placing out up to a fifth of its shares to private investors to pay off some debt, said its chief excutive officer Tony Fernandez.
-- AMMB Holdings Bhd (AMMB.KL) is considering plans to raise about 400 million ringgit in innovative Tier-1 capital, or the most liquid capital, for the commercial and Islamic bank in the next few months, its deputy group managing director Ashok Ramamurthy said.
NEW STRAITS TIMES (www.nst.com.my)
-- The government will set up a private equity fund, Ekuiti Nasional Bhd (Ekuinas), that will invest in unlisted companies in a move to boost Bumiputera participation in the economy, Prime Minister Najib Razak said.
THE EDGE FINANCIAL DAILY (www.theedgemalaysia.com)
-- Despite a sluggish day on Tuesday, the KL Composite Index ended the second quarter (2Q) of the year up 23.23 percent, the highest quarterly gain since 1999 when it surged 61.31 percent.
THE MALAYSIAN RESERVE (www.themalaysianreserve.com)
-- Malaysian Resources Corp Bhd (MYRS.KL), a contractor and engineering services provider, is bidding for up to six billion ringgit worth of jobs to replenish its order book that will run out in three years, its group managing director Shahril Ridza Ridzuan said.
THE SUN (www.sun2surf.com)
-- At the risk of legal action, the Port Klang Authority (PKA) will not pay 660 million ringgit to turnkey contractor Kuala Dimensi Sdn Bhd for the 4.6 billion ringgit Port Klang Free Zone project, pending a review of the findings of a special task force probing the controversial project, PKA chairman Lee Hwa Bemng said.
-- Foreign shareholding limits in existing stockbroking companies will be increased to 70 percent from the current 49 percent in efforts to further enhance Malaysia's position as a listing and investment destination, Prime Minister Najib Razak said.
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