Telenor ASA (TEL.OS) is lobbying the Malaysian government to lift the maximum foreign ownership of local companies, the New Straits Times reported, citing Telenor's Asia Chief Executive Sigve Brekke.

If the government changes the regulations, Telenor would consider increasing its stake in 49%-held DiGi.com Bhd. (6947.KU), the report said.

"In all the meetings with the government we are asking when will the telecommunications industry be liberalised or when will they take up the threshold for foreign ownership?" said Brekke, according to the report.

Telenor's 49% stake in DiGi.com is the maximum currently allowed.

Newspaper website: http://www.nst.com.my

-By Kuala Lumpur bureau; Dow Jones Newswires; 603-2026-1233; djnews.kldowjones.com